A recent ING International Survey has found the Luxembourg residents are more confident in how they handle their finances than most Europeans, with 65% of the country's participants declaring themselves as prepared in the event of unplanned expenses.
ING Luxembourg cited these forms of payments as an ultimate test of a household's financial health, and the Grand Duchy's score which far surpassed the 41% European total appears reflective of the 48% of Luxembourg respondents who described their financial situation as 'very good'. The European average regarding this latter aspect was determined as 35%.
Luxembourg survey participants also appeared more confident in making longer-term decisions, with only 19% and 16% considering investments or pension plans, respectively, as difficult decisions to make. These figures were lower than participants from other European countries at 29% and 20%, respectively.
However, making important financial decisions appeared to be perceived as a difficult task in all countries, and at a total of 41% of survey participants expressing difficulty, Luxembourg's score was found near the European average of 38%.
74% of Luxembourgers shared the view with three out of four Europeans that it is more important for young people today to learn how to manage their finances than it was for previous generations, such as their parents'. One in two Europeans did not expect to receive help from their bank when making a financial decision. Luxembourg appeared to be more bank-reliant in decision-making, giving the country the lowest score of 35% and the UK the highest at 62%.
Photo by ING
