Finances and new technologies – a woman’s point of view

Financial independence is proof of maturity

According to results of research made for Bank Millennium, contemporary young women aged 16-40 like to make money and speak about it openly. They value financial independence, which for 65% of them is proof of maturity. 57% of men think the same. Polish women take their own financial path. Parents are not their highest authority figures as regards money management, because merely 8% admit they do it exactly the same way. For 57% of persons polled parents indeed have absolutely no influence on financial management. 

Polish women today become bank customers early. Close to 20% of the women polled had started their banking relationship already when under 18. Adult age is the time when one out of four women opens her first current account. This is above all due to getting a job (50% of women), as well as the convenience of using a payment card (23% of women). 

- Our survey revealed that women when contacting a bank appreciate especially convenience – 32% of respondents said that proximity of the branch was the main reason for choosing a particular bank for their first account. They also look at the costs involved – the number two factor in choosing a bank is absence of fees for account maintenance (28% of respondents) – Tomasz Misiak, Director of the Retail Banking Marketing Department of Bank Millennium said. – Also Polish women stay with their first choice: 6 out of 10 still have their first ever account – Misiak added. 

Money is the object of pleasure 

Although merely 15% of the women polled are of the opinion that they have enough money to be able to save, they put money aside first of all for travel (63%) and in this respect they are completely in line with men. Lower down the hierarchy is a car (43%). Also quite high up on the list are clothes and footwear (41%). Apart from durable items they also invest in personal development – one out of five Polish women save for self-betterment courses. They take more care about this aspect of life than men, who merely in 13% declare that they save money for this purpose.

Polish women also have their preferences in payment methods and when making purchases in traditional shops they first of all pick cash or card. They are less enthusiastic about new payment technologies and give way to men in this respect. Merely 2% of women use BLIK, which is chosen by 7% of men. However 5 years from now they would like to increase payment options, by adding to contactless card and cash payment also the possibility of authorising payments with a fingerprint – this is the desire every fourth polled Polish woman expressed. - 

The data were taken from the „Pokolenie Millennium w świecie finansów i nowych technologii, na tle generacji X i Z” report, which is available in Bank Millennium’s Press Centre: https://www.bankmillennium.pl/o-banku/centrum-prasowe.