According to a survey by Swedish-owned bank SEB conducted this spring, the share of working young people has decreased by five percentage points over the year, but the general financial health of young people seems to be good.
The recent SEB survey shows that the main area of spending by young people is food and household expenses, with 66 percent of respondents noting this. At the same time, 11 percent of young people spend the most money on loans, 9 percent on clothes and the rest on entertainment or education-related expenses, the bank said.
According to the results of the survey, there is a big difference between women and men. While women spend more money on their first home as well as clothes and accessories, men, on the other hand, spend more money on entertainment.
"Today, more than 60 percent of young people in Estonia earn extra in one way or another, and this helps to ensure a fairly adequate standard of living, which is also reflected in the results of the survey," Merit Kalm, sales manager of SEB's private customer segment, said in a press release.
For 44 percent of young people, the most important source of income this year is a regular income. This was followed by financial support from parents with 29 percent. In addition, various benefits, pensions, maternity pay and hobbies were identified as important sources of income.
The combination of parental support and regular income is still the most common in the case of two sources of income.
SEB's young customers' survey was conducted in May 2020 and polled 458 people.
Editor: Roberta Vaino