Poland’s Financial Inclusion Rate Remains Below Average

Financial Inclusion Rate

According to a recent study, Poland’s financial inclusion rate has remained stagnant at around 75% of adults who accumulated savings in the past 12 months. This is below the average percentage seen in other European countries.

Factors Contributing to Low Financial Knowledge

• Low levels of knowledge are characteristic among:
  • Those over 55 years old
  • Individuals with basic education
  • Those with very low income
  • Residents of eastern regions

Challenges in Financial Services

Despite Poland’s well-developed infrastructure of financial institutions, consumers are poorly prepared for the reception of financial services. High confidence in banks notwithstanding, Poles have low expectations for improvement in economic and living conditions and weaker financial knowledge.

Recommendations to Improve Financial Inclusion

The study’s findings suggest that:

• Participation in lessons, training, and courses on finance and economics can have a positive impact on individuals’ financial knowledge
• There is still much work to be done to improve Poland’s overall financial inclusion rate

Key Statistics

• 75% of Polish adults accumulated savings in the past 12 months
• Poles’ level of economic and financial knowledge is rather average
• Poland’s infrastructure of financial institutions is well-developed, but consumers are poorly prepared for the reception of financial services.