Only about a quarter of the respondents answered at least four out of five questions on financial knowledge correctly. Around half answered only two or three questions correctly, with another quarter finding questions particularly challenging (they either could not answer any questions correctly or managed to answer only one out of five). Among the best performers are the Netherlands, Denmark, Finland and Estonia where about four in ten respondents display a high level of financial knowledge (43%, 40%, 40% and 39%, respectively).

 Most of the respondents (65%) comprehend the impact of inflation and its potential consequences on purchasing power. Only 45% of the respondents understand how compound interest works, despite the importance of this concept for managing personal finance and achieving long-term saving goals.

Regarding the understanding of investment risks, 66% of the respondents correctly associate higher returns with greater risks, while 56% rightly identify that investing in a diverse range of companies is likely to be less risky than investing in just one company. Finally, only 20% of the respondents demonstrate an understanding of how interest rates affect bond prices.

About nine in ten respondents across the EU agree that, before they buy something, they consider whether they can afford it (51% 'completely agree' and 41% 'somewhat agree' with this statement). A similar proportion of respondents agree that they keep track and monitor their expenses (49% 'completely agree' and 43% 'somewhat agree'). About seven in ten respondents agree that they set long-term financial goals and strive to achieve them (21% 'completely agree' and 50% 'somewhat agree').

About three quarters of respondents across the EU report being comfortable with using digital financial services, such as online banking or mobile payments; 36% reply being 'very comfortable' and 41% 'somewhat comfortable'. This figure is more than 60% across all Member States, and is the highest in Finland (95%).

Only roughly one in three Europeans trusts the investment advice they receive. Only 38 % of EU respondents are confident that the investment advice they receive from their bank, insurer or financial advisor is primarily in their best interest (with 45% explicitly stating that they do not trust it). Nevertheless, the level of confidence in advice varies considerably among the Member States: citizens from Finland (59%), Czechia (54%), Denmark (47%) trust more in the advice received; citizens from Cyprus (20%), Greece (21%) and Latvia (24%) have much less trust.

Across the EU, 46% of respondents reply that they have (or, in the past two years, have had) non-life insurance, such as household insurance or motor insurance; 31% report to have (or, in the past two years, have had) life insurance. About a quarter of respondents (24%) reply the same about an investment product (funds, stocks or bonds) and 22% about a private pension or retirement product. One in five respondents answer that they have (or, in the past two years, have had) a mortgage or home loan and 14% reply the same for a consumer loan. Finally, 6% reply that they have crypto-currencies (or to have had these in the past two years).

When asked how long they would be able to continue to cover their living expenses, without borrowing any money or moving house, in case they lost their main source of income, one third of respondents (33%) reply this would be six months or more, followed by 18% who state this would be at least three months (but not six months). Nevertheless, 16% of respondents state that they do not have any emergency savings.

A majority of respondents across the EU feel 'not too confident' (32%) or 'not confident at all' (22%) that they will have enough money to live comfortably throughout their retirement years.