Priorities for Enhancing Financial Education Among Poor Households in Poland: Qualitative Study Findings

This paper presents findings of a study conducted by Microfinance Centre in Poland. The project aimed to identify and understand key gaps in financial education of poor households. It also identified tools and effective information and education channels to fill these gaps.

The qualitative study was exploratory rather than descriptive, and cannot be regarded as representative of the whole country. With regard to the general characteristics of existing money management and household budgeting methods, the study found that poor households:

• Know the basics of household budgeting;
• Use techniques of earmarking and freezing funds;
• Have a negative attitude to closer tracking of the budget;
• Adopt a short time frame for household budgeting;
• Do not budget for emergency spending;
• Use ineffective consumption smoothing methods and emergency coping strategies.

Financial education topics that are very important in addressing major gaps in knowledge, skill and attitude among poor households in Poland are:

• Long-term economic planning;
• Regular saving and household budgeting;
• Crisis management and rational borrowing;
• How financial institutions and banks operate and what they offer.