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Young Hungarians optimistic about their financial future

Analysis

Young Hungarians are very optimistic regarding their financial future. Typically they save money for unexpected expenses and buying a home, an international study reveals.

Intrum, a market leading credit management company, has released its yearly "European Consumer Payment Report", conducted late last year in the 24 countries in which it operates. The report shows that those born in the 1990s are very self-confident, which is reflected in their handling of financial matters. The young generation are the most optimistic, the report says, as cited by the Hungarian edition of Forbes.

Almost half of the Hungarian respondents aged 18-24 feel that they are, or will be, in a better financial situation than their parents and 47% believe their financial situation will improve in the future. Almost two-thirds (63%) use cash on a daily basis and only 27% bank cards, probably because usually they receive financial support from their parents in cash.

As for savings, there is a clear difference between European and Hungarian young adults. Europeans save mainly for travel and consumption, while Hungarians prefer to be prepared for unexpected expenses. The second most important goal in saving money is to buy a home. Travel ranked only third among Hungarian reasons for saving money, the Intrum survey says.

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