Intrum : Economic uncertainty is driving consumers to improve financial literacy

Our survey suggests that the fallout from Covid-19 has motivated consumers across Europe to improve their financial literacy the past year.

Financial literacy is the ability to understand how money works: the set of skills and knowledge that allow us to make informed and effective financial decisions.

Reduced incomes, job uncertainty and the prospect of a global recession mean that now, more than ever, consumers should be equipped with the knowledge they need to manage their finances.

Covid-19 is driving new interest

Around half of all respondents (47 per cent) indicate that financial security has become a top ambition for them, while 40 per cent are actively improving their financial literacy to prepare for economic uncertainty.

There is particular interest in improving financial security among at-risk countries in Southern Europe. Two in three (66 per cent) Portuguese consumers say that, since the Covid-19 crisis began, improving their financial security has become one of their top priorities.