According to a survey commissioned by Nordea, the management of personal finances is not self-evident for all Finns. Worrying about money gives sleepless nights to some, and many spend all their salary before the next payday. Nevertheless, approximately half of Finns feel they are well in control of their personal finances.
According to a survey that Nordea commissioned, 55 percent of Finns feel they are well in control of their personal finances. Clear differences can be observed between different age groups of the respondents: two-thirds of the respondents aged 55 to 65 feel they have their finances under control, while amongst the 26 to 39 olds, less than half report they are well in control of their finances. The sense of being in control of one's finances has decreased in all age groups in comparison with the corresponding survey conducted in 2014.
- The sense of uncertainty is more common amongst families with children than households without children. Somewhat surprisingly, the youngest respondents, aged 18 to 25, report being better in control of their finances than their seniors, up to and including the middle-aged respondents. On the other hand, the sense of being in control has decreased the most specifically amongst the youngest respondents during the past two years, says Olli Kärkkäinen, Private Economist at Nordea.
One in five respondents have spent all their salary before the next payday at least once during the last six months. Families with children are more likely to see their salary run out - one in four had had this experience.
- Roughly one in six respondents report that worrying about money keeps them up at night, and one in ten have received a reminder of an invoice during the last six months. These issues have increased amongst both the young and the families with children during the last two years, notes Olli Kärkkäinen.
Improvement in financial standing sought mainly by saving money
During the last six months, approximately one in five respondents have begun to regularly save money in order to improve their financial standing. Amongst the respondents aged 18 to 25, saving is more common than amongst the other age groups, with one in three of them reporting they save money regularly. The young adults are also more likely to draw up a budget to help control their finances than the other age groups. However, both saving and budgeting are more uncommon now than two years ago.
- You should try planning a budget to take control of your personal finances. At present, slightly less than one in six respondents report having compiled a personal budget. Drawing up such an approximation may feel tedious at first, but after a good template has been created, you can easily just update and follow up on it. Having an idea of your income and expenses creates a sense of security and certainty in the everyday life, says Olli Kärkkäinen.
TNS Gallup surveyed the controlling of personal finances on commission by Nordea. The survey was carried out using a web panel. The research material was collected between 9 May and 16 May 2016. A total of 1,020 people aged between 18 and 65 were interviewed for the survey.
For further information, please contact:
Olli Kärkkäinen, Private Economist, +358 40 735 6030
Anni Hiekkanen, Chief Press Officer, +358 50 438 5094