Since the enormous inflation, everyone has become a little poorer. But many young people can do something about it; You often left unnecessary money behind in 2021. At the same time, they are having a very difficult time financially.
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MBO students are entitled to more money
Nibud investigated this in 2021 in collaboration with Rabobank. The research was conducted among MBO students who did not always know they were eligible for financial aid. Only students who complete the vocational training route (BOL) as part of the MBO are entitled to study financing. Students undergoing vocational training do not receive any study funding because they are working during their training.
For BOL students, student funding is always a gift, but 38% of this group had not considered this and therefore did not apply for the scholarship. Almost half were completely unaware of the existence of this option.
The same applies to health insurance benefits. A third of MBO students do not know that they are entitled to this, and so they miss out on more than 1,000 euros per year. Nibud notes that the system needs to be simplified.
Young people are very short-term oriented
A recent study by Nibud shows that young adults in general are very financially vulnerable. Almost 40% of respondents struggle to make ends meet each month and a third of young people have fluctuating incomes. In addition, around a quarter of them often have no money for necessary expenses. At the same time, a quarter of young people buy something for which they have no money; among those over 30 the figure is 12%.
Young adults save more. 91% of them save, compared to 82% of those over 30. However, according to the research institute, this is not always enough; on average it is less than 10% of income. In addition, they borrow money more often for conscious purchases than they save for them.
Nibud does not mention crypto as a topic, so it is not clear how much risk they take with volatile cryptocurrencies. In any case, last summer it turned out that the value of these young people’s crypto portfolios is significantly lower than that of older investors.
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