The situation is alarming: Luxembourg residents under the age of 30 have a very low level of knowledge about personal finances, combined with behaviours and attitudes that are well below the European average. In terms of attitudes towards money, the under-30s are so casual about their budget that they rank 25th out of 26 European countries in terms of attitudes towards their personal finances. The risk of financial vulnerability and over-indebtedness is therefore real for this generation.

This is the result of an ABBL Foundation/CSSF survey conducted by ILRES in December 2022 among more than 1,000 Luxembourg residents aged 18 to 79.  The results were compared with those of the OECD survey conducted in 2020 in 26 other countries, using the same form.

More than ever, we need to increase our efforts in financial education.

Read the survey (in French)

Financial literacy

Knowledge, for example of banking products or services, is assessed here. 

The overall level of financial knowledge of Luxembourg residents is quite high (70%) and is above the European average, in 5th position. The same cannot be said for the under 30s: with an overall score of 54%, they place Luxembourg in 21st place out of 26 European countries in terms of financial knowledge. This is quite a feat for a country whose core business is finance!

Financial behaviours

Behaviour is assessed here, for example the use of online banking. 

Luxembourg residents' score is below the OECD average for 2020 (61%), with the worst score being for those under 30.


Financial attitudes

Attitudes towards money are assessed here, e.g. prudence or casualness.

The result is that financial attitudes are also below the OECD average (55%); the under-30s score 48%, which places them 25th out of the 26 countries surveyed in 2020.

Digital financial literacy

In terms of digital financial literacy, the overall score is alarming: 54% for all ages, and 47% for those under 30. This score can be explained by the fact that this population has grown up in a digital world and tends to ask fewer questions about security or personal data protection.

Note: this score could not be compared to other countries, as this measure was introduced for the first time this year. 

What's next?

The results of this survey in Luxembourg will be included in an OECD publication containing the results for about 30 countries. It will be available in autumn 2023. 

This exercise will allow each participating country to :

  • compare itself with others, 
  • detect common trends
  • work together to improve the financial literacy and financial well-being of their populations

What about teenagers?

If the under-30s have little knowledge and behaviour regarding personal finances, what about teenagers? The Fondation ABBL surveyed 667 students, aged between 14 and 20. 

For 87.6% of the young people surveyed, financial education should be taught at school

Financial behaviour

  • 41% put money aside for unexpected expenses
  • 36% check their account balance regularly
  • 36% regularly deposit money in their savings account
  • 25% set a leisure budget that they do not want to exceed
  • 18% invest money in addition to savings
  • 13% keep track of all their spending

Resilience - How did they cope with potential financial problems?

15% of respondents have experienced financial problems.


  • 26% reduced their spending
  • 26% found help from family
  • 18% took a student job
  • 13% used their savings
  • 4% asked for a delay in payment
  • 4% increased their working hours
  • 1% applied for a bank loan
  • 1% have applied for social assistance
  • 7% other



Financial Education Adviser

More info?

Contact Jessica Thyrion, Financial Education Adviser at the ABBL.