Most Dutch ignorant about financial matters

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A recent research shows most Dutch have insufficient knowledge about money matters.

The Netherlands – Most Dutch are over optimistic about their financial situation because they have insufficient knowledge about money matters, shows a research commissioned by the Finance Ministry.
The survey, which was carried out by government-sponsored research platform CentiQ and filled out by 1,400 respondents, concludes many Dutch people fail to grasp the consequences of the global financial crisis.

While six out of every 10 respondents say they have financial knowledge, the survey reveals otherwise. Few people are aware of the cost of an overdraft and know of the interest they have to pay over personal loans.

The survey also reveals most people do not think they are being affected by the financial crisis while official figures have shown that 25 percent of the Dutch are worse off over the past year.

About 16 percent of Dutch households expect their financial situation to worsen over the next 12 months whereas 25 percent think their financial situation will improve.

The lack of financial knowledge is most evident among women, over-60s and the lower educated, the survey found.

The ministry of finance set up the platform because it believes financial self-sufficiency is becoming increasingly important as society progresses, says CentiQ.

Radio Netherlands / Expatica

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