Study title

Financial Awareness of Finnish People 2014

Dataset ID Number

FSD3271

Persistent identifier

urn:nbn:fi:fsd:T-FSD3271

Data Type

Quantitative

Authors

• Kalmi, Panu (University of Vaasa. Department of Accounting and Finance)
• Ruuskanen, Olli-Pekka (University of Tampere. Faculty of Management)

Abstract

This survey studied the financial awareness and knowledge of people living in Finland, and their views on financial issues. The survey is based on the OECD financial literacy questionnaire and methodological guidance developed by the International Network on Financial Education (INFE). Data collection was conducted by TNS Gallup Finland. The survey was financed by Academy of Finland (269130), OP Group Research Foundation (OP-Pohjola ryhmän tutkimussäätiö), Foundation for Economic Education (Liikesivistysrahasto), Vaasan Aktiasäätiö, and Finnish Foundation for Share Promotion (Pörssisäätiö). Main themes included management of personal finances, consumption and saving behaviour, insurances, preparedness for retirement, financial knowledge in general, over-indebtness, own financial abilities and trust in financial institutions. The respondents were also asked to evaluate their financial decisions and the influences behind their decisions.

The respondents' management of daily finances was charted with questions on whether the respondents planned their personal or household's consumption beforehand (e.g. by making a budget) and what methods they used for planning and monitoring their finances (e.g. online banking). Some questions focused on the financial products (e.g. credit cards, bank accounts, debts, insurances, investments) that the respondents used and where they got information on these products. General attitudes towards personal finance management were studied through statements relating to, for example, paying bills on time, taking risks in life, monitoring of finances and worrying about the future. Ways of dealing with insufficient income to cover costs were also charted (e.g. whether the respondents borrowed food or money from family or friends).

Saving behaviour was investigated by asking the respondents, for example, whether they saved money on their disposal account or invested in shares, and for how long they could live on their savings if their main source of income was lost. Attitudes towards and awareness about insurances were studied through statements concerning, for example, the necessity of insurance for families and the understandability of contents and conditions of different insurances. Next, the survey charted whether the respondents were self-employed and how they prepared for retirement (for example, how the respondents used pension insurance for the self-employed (YEL), whether they knew which pension insurances they were entitled to, and whether they thought that they were saving enough money for retirement).

The respondents' financial knowledge was assessed by asking questions about the economy and different financial issues (e.g. interest and inflation). Knowledge and experiences about over-indebtness were charted through questions concerning, for example, defaults on debts, payments or repayments and the respondents' own debt situation. The respondents' awareness was examined on whether they knew where they should appeal a decision made by a bank or insurance company if they were not satisfied with it. Finally, the survey charted abilities, satisfaction and trust in financial issues and institutions (e.g. how the respondents would describe their own abilities in making good financial decisions, whether they were satisfied with their life overall, and whether they thought that banks, insurance companies or the justice system could be trusted).

Background variables included, among others, gender, age, marital status, household composition, gross annual income of the respondent and household, highest level of education, as well as NUTS2 and NUTS3 regions of residence.

Keywords

consumption; economic conditions; expenditure; income; insurance; personal finance management; planning; savings

Topic Classification

• Social sciences (Fields of Science Classification)
• Consumption and consumer behaviour (CESSDA Topic Classification)
• Economic conditions and indicators (CESSDA Topic Classification)
• Income, property and investment/saving (CESSDA Topic Classification)

Series

Individual datasets

Distributor

Finnish Social Science Data Archive

Access

The dataset is (B) available for research, teaching and study.

Data Collector

• TNS Gallup Finland

Time Period Covered

2014

Collection Dates

2014-02-05 – 2014-04-09

Nation

Finland

Geographical Coverage

Finland

Analysis/Observation Unit Type

Individual

Household

Universe

People aged 18 and over residing in Finland (excluding the Åland Islands)

Time Method

Cross-section

Sampling Procedure

Probability: Multistage

The sampling was conducted as multistage stratified random sampling. In the first stage of sampling, the target population was divided regionally into bigger NUTS2 regions, based on NUTS3 regions.

In the second stage, the target population was divided by municipality type within each NUTS2 region. Municipalities were grouped into municipality types as follows: towns were divided into big and small towns by population and rural municipalities were divided into three groups by economic activity. Municipalities were selected for the study in a representative manner based on the mentioned stratifications.

In the third stage of sampling, a number of addresses in each municipality were randomly selected as starting points depending on the number of inhabitants in the municipality. The interviews were conducted using random start sampling, visiting at most eight consecutive households and interviewing, if possible, the person whose birthday was coming up next in each household.

Collection Mode

Face-to-face interview: Computer-assisted (CAPI/CAMI)

Research Instrument

Structured questionnaire

Data File Language

Downloaded data package may contain different language versions of the same files.

The data files of this dataset are available in the following languages: English and Finnish.

FSD translates quantitative data into English on request, free of charge. More information on ordering data translation.

Number of Cases and Variables

234 variables and 1477 cases.

Data Version

1.0

Completeness of Data and Restrictions

To prevent identification of individuals, variable t2 denoting municipality code and province of residence was removed. In variables t8 (number of children, including those who no longer belong to the same household) and q24 (YEL income, the annual income on which YEL insurance is based) the highest classes denoting number of children and income were reclassified into larger classes to minimize the risk of identification.

The data do not include underage persons or open-ended responses to questions with the response option "Other, what?".

Weighting

The data include a weight variable (paino), which weights the data to be representative of the general population in terms of region of residence, socio-economic status, and age.

Citation Requirement

The data and its creators shall be cited in all publications and presentations for which the data have been used. The bibliographic citation may be in the form suggested by the archive or in the form required by the publication.

Bibliographical Citation

Kalmi, Panu (University of Vaasa) & Ruuskanen, Olli-Pekka (University of Tampere): Financial Awareness of Finnish People 2014 [dataset]. Version 1.0 (2019-08-02). Finnish Social Science Data Archive [distributor]. https://urn.fi/urn:nbn:fi:fsd:T-FSD3271

Deposit Requirement

Notify FSD of all publications where you have used the data by sending the citation information to user-services.fsd@tuni.fi.

Disclaimer

The original data creators and the archive bear no responsibility for any results or interpretations arising from the reuse of the data.

Related Materials

Kalmi, P., & Ruuskanen, O. P. (2016). Suomalaiset pärjäävät taloudellisessa tietämyksessä ja käyttäytymisessä hyvin suhteessa muihin maihin [verkkodokumentti]. Kansantaloudellinen aikakauskirja, 112(1), 6-21. https://www.taloustieteellinenyhdistys.fi/wp-content/uploads/2016/03/kalmi_ruuskanen.pdf [viitattu 6.8.2019].

Related Publications

Kalmi, P., & Ruuskanen, O. P. (2016). Suomalaiset pärjäävät taloudellisessa tietämyksessä ja käyttäytymisessä hyvin suhteessa muihin maihin [verkkodokumentti]. Kansantaloudellinen aikakauskirja, 112(1), 6-21. https://www.taloustieteellinenyhdistys.fi/wp-content/uploads/2016/03/kalmi_ruuskanen.pdf [viitattu 6.8.2019].

Kalmi, P., & Ruuskanen, O. P. (2018). Financial literacy and retirement planning in Finland. Journal of Pension Economics & Finance, 17(3), 335-362.

OECD (2016). OECD/INFE International Survey of Adult Financial Literacy Competencies [online]. Paris: OECD. https://www.oecd.org/daf/fin/financial-education/OECD-INFE-International-Survey-of-Adult-FInancial-Literacy-Competencies.pdf [viitattu 6.8.2019].

OECD INFE (2011) Measuring Financial Literacy: Core Questionnaire in Measuring Financial Literacy: Questionnaire and Guidance Notes for conducting an Internationally Comparable Survey of Financial literacy [online]. Paris: OECD. http://www.oecd.org/daf/fin/financial-education/49319977.pdf [viitattu 17.9.2019].

Berg, Laura (2021). Minäpystyvyys ja henkilökohtaisen talouden hallinta: Minäpystyvyyden yhteys säästämisasteeseen ja taloudellisten tavoitteiden asettamiseen. Yhteiskuntatieteiden kandidaatintutkielma. Tampere: Tampereen yliopisto.

Isotalo, Asta (2023). Sosioekonomisen aseman yhteys vakuutuslukutaitoon. Kandidaatintutkielma. Tampereen Yliopisto.