February 08, 2017
February 08, 2017 - PRESSADVANTAGE -
Vippi huone, has published a financial capability report which shows the undesirable financial management statistics, young working class is facing in Finland. The report will be followed up by an online campaign with an aim to help people learn how to manage day to day finance usage as well as help them prepare for financial difficulties.
“After five years of researching the financial habits in Finland, we are glad to release the report. It is not really impressive, but it is accurate and helps depict the financial management issues young workers face in our country. We consulted more than fifteen organizations that primarily employ fresh graduates, banks and other financiers and concluded that there is a big problem in financial management when it comes to our youth,” Kael Anderson, the company spokesperson said.
Among the key findings in the research, only half of couples aged 35 years and below said they were financially self-sufficient. And almost 60% of working people under the age of 30 said they had no proper budgeting plans for their finances. In practice, the research conclusions implied that most fresh graduates and young couples lived a life of spending at the moment rather than saving for the future. According to Anderson, this lack of budgeting or any financial responsibility put the youth in Finland at a great risk of getting bankrupt or financially incapacitated in the future.
“If young people are not saving, that means they are not investing. And if no investments are done, people start taking debts. In the end, not only do individuals suffer but our country as well. Certainly the individual workers risk getting incapacitated financially in the future but the good thing is that we still have time to help them,” Anderson noted.
To address the problem, the company has partnered with online influencers to launch a campaign targeting working people under 35. The campaign is based on collective impact to accommodate more people in the next couple of years. However, Anderson did say that they would try what worked and occasionally reinvent their strategies in different cities. They would also monitor overall progress through social media survey and state their findings on vippihuone.fi.
Commenting on the campaign, Joseph Totti, the spokesperson of vippihuone.fi said that Finland needed more role models when it came to financial responsibility. Totti however noted that Vippi huone would play its part fully in ensuring young workers who were reluctant at managing their finances changed their attitude.
“The fact that 6 out of 10 young adults have no financial responsibility should be worrying for everyone. When twenty and financially irresponsible, may be not bad, but at 30 we ought to have taught our youth how to take charge of their finances. Fortunately, with the report released today, we can’t look down on the issues anymore. At vippi huone we shall do everything possible to underpin the importance of budgeting and investing, while we hope parents and other influencers in the country will do the same,” Totti added.
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