Frontpage News 2014 54,000 young peopl...

54,000 young people under 30 years in RKI

3 September 2014

​New figures from RKI (Danish credit registration system) show a small decrease in the number of young Danes registered as bad payers. The Danish Bankers Association will strengthen the Money Week effort in 2015 in order to increase children’s and young people’s knowledge of personal finance.

Experian has recently published new RKI figures for the first half year of 2014. According to the publication, which runs to July, 54,554 young people between 18-30 years are registered as bad payers in RKI. This is a decrease of 614 young people compared to the same period last year. The average debt is allocated as follows:

  • 18-20 years: DKK 11,340 (DKK 10,866, in July 2013)
  • 21-30 years: DKK 32,318 (DKK 35,137, in July 2013)

Subsequently, we see a slight improvement of the situation. “But,” says Louise Mogensen, Deputy Chief Executive in the Danish Bankers Association, “the figures still indicate a need for children and young people to learn more about personal finance.”

“Therefore, it is very positive that the new Danish municipal primary and lower secondary school reform implies that older pupils will be taught in personal finance in both social studies and mathematics. This will provide young people with the necessary skills and tools, which they can use as 18-year-olds when tempted by a “good offer,” Louise Mogensen adds.
 
Through the years, the Danish Bankers Association has worked together with the Financial Services Union Denmark in order to implement personal finance in the school timetable. Last year, the Danish Bankers Association launched the first Money Week for 7th and 8th graders around the country, where the pupils among other things were taught in personal finance by banking executives from all over the country.
 
“We will advance the Money Week effort even further. When it launches in March 2015, new teaching material will be employed, which is produced by the Danish Association of Mathematics Teachers. We will also launch a large, nation-wide competition in personal finance knowledge among the pupils,” Louse Mogensen explains.
 
“We hope that the Money Week 2015 will convince the pupils that it is both fun and exciting to engage in personal finance. Moreover, we wish to make concepts such as ÅOP familiar to young people, so they avoid ending up in incalculable debt spirals. When it comes to personal finance, it is the same with learning how to ride a bicycle. The sooner you learn it, the easier it is,” Louise Mogensen adds.
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