Economics remains a major challenge for Poles

According to studies, Poles have significant gaps in their knowledge of economics, which means that they often make decisions about personal finances, investments, and building capital intuitively, rather than based on sound knowledge. It happens that they do not understand the terms of the obligations they take on or remain passive in shaping their economic situation. This fact is confirmed by the results of the annual study "The Level of Financial Knowledge of Poles" conducted on behalf of the Warsaw Banking Institute and the GPW Foundation.

The study found that only half of Poles understand the concepts related to loans and APR, and only one in three people in Poland reads loan agreements carefully. The remaining respondents read these documents superficially, not understanding their provisions or simply checking their data.

The respondents also rate their knowledge of the rules of the Warsaw Stock Exchange very poorly. Only 7 percent believe that their knowledge is very or rather large, while as many as 64 percent believe that it is very or rather low. The study also found that over two-thirds of respondents do not invest in the stock market due to a lack of sufficient knowledge.

(WBJ)