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Differences in Use of Credit Products Between the Old and New Member States of the European Union

In: Contemporary Trends and Challenges in Finance

Author

Listed:
  • Agnieszka Huterska

    (Nicolaus Copernicus University in ToruĊ„)

Abstract

The aim of the article is to assess the specificity of the disproportions in the use of loan products of a financial institution by young people aged 15 and 24 between the old and new member states of the European Union. The author of the article uses data from the Global Findex Database, which contains the results of a survey conducted in 2017 among households. The dependence between having a credit card and a loan in financial institutions was examined. For this purpose, correlation coefficients were calculated and their significance was checked using t-statistics. The article primarily applies a statistical analysis of data on the share of people using products such as credit cards and loans in a financial institution as a research method. The differences in the wealth of the old and new member states of the European Union may partly explain the differences in the share of young people using a credit card and a loan in a financial institution in these countries; however, this link is not clear. The examples of Slovenia, Estonia, and Latvia indicate that it is possible to promote the use of banks and other formal financial institutions among young people effectively also in relatively less wealthy countries.

Suggested Citation

  • Agnieszka Huterska, 2021. "Differences in Use of Credit Products Between the Old and New Member States of the European Union," Springer Proceedings in Business and Economics, in: Krzysztof Jajuga & Hermann Locarek-Junge & Lucjan T. Orlowski & Karsten Staehr (ed.), Contemporary Trends and Challenges in Finance, pages 217-228, Springer.
    • Handle: RePEc:spr:prbchp:978-3-030-73667-5_13
    DOI: 10.1007/978-3-030-73667-5_13
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    More about this item

    Keywords

    Young people; Personal finances; Credit card; Borrowing;
    All these keywords.

    JEL classification:

    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • G51 - Financial Economics - - Household Finance - - - Household Savings, Borrowing, Debt, and Wealth
    • I22 - Health, Education, and Welfare - - Education - - - Educational Finance; Financial Aid
    • D12 - Microeconomics - - Household Behavior - - - Consumer Economics: Empirical Analysis

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