Abstract
The paper refers to the phenomenon of adoption of bank products and services by young people (up to 26 years old) in Poland with taking into account children, youths, and young adults as clients of banks. The purpose of the paper is to identify and characterize the motives, terms, and preferences of using banking products and services by the mentioned groups. The research was conducted by studying literature, analyzing bank offers, as well as investigating the group of 209 young people (up to the age of 26) with CAWI technique in the period of January–February 2017. The study confirmed that adoption of banking products and services is primarily dependent on level of education and place of residence. Young people start adopting banking products and services before they become adults and they use them in an active and frequent manner in contrary to other financial services. People under 26 usually use many but simple products. The choice of banking offers is primarily determined by shopping and payments, and the use of credit is very limited.
Access this chapter
Tax calculation will be finalised at checkout
Purchases are for personal use only
Notes
- 1.
People between 13 and 18 years of age have limited legal capacity. They may use most of the simple banking products designed for children or traditional banking offers excluding loans and other types of contracts that create liabilities.
- 2.
This option was excluded from the list of products presented in Fig. 1.
References
Allen, F., Demirguc-Kunt, A., Klapper, L., & Martinez Peria, M. S. (2016). The foundations of financial inclusion: Understanding ownership and use of formal accounts. Journal of Financial Intermediation, 27, 1–30.
Atkinson, A., & Messy, F.-A. (2012). Measuring financial literacy: Results of the OECD (International network on financial education (INFE) Pilot study OECD working papers on finance, insurance and private pensions, 15). Washington, DC: OECD.
Atkinson, A., & Messy, F.-A. (2013). Promoting financial inclusion through financial education: OECD/INFE evidence, policies and practice (OECD Working Papers on Finance, Insurance and Private Pensions, 34). OECD Publishing.
Boatright, J. R. (2011). Trust and integrity in banking. Ethical Perspectives, 18(4), 473–489.
Centrum Badania Opinii Społecznej. (2016). Korzystanie z internetu [Using of internet]. Komunikat z badań. [pdf] Warszawa: CBOS. Accessed 12 June 2018, from https://www.cbos.pl/SPISKOM.POL/2016/K_092_16.PDF
Cichorska, J. (2017). Misselling, czyli sprzedaż niepotrzebnych instrumentów finansowych i jej skutki. Stan prawny w Polsce i Wielkiej Brytanii [Misselling i.e. a sale of unnecessary financial instruments and its consequences. Legal status in Poland and Great Britain]. Rozprawy Ubezpieczeniowe. Konsument Na Rynku Usług Finansowych, 24(2), 18–34.
Cihak, M., Demirgüç-Kunt, A., Feyen, E., & Levine, R., (2012). Benchmarking financial systems around the world (Policy Research Paper, WPS 6175). Washington, DC: World Bank. Accessed June 12, 2018, from http://documents.worldbank.org/curated/en/868131468326381955/Benchmarking-financial-systems-around-the-world
Child and Youth Finance International and MasterCard Inc. (2014). Banking a new generation. Developing responsible retail banking products for children and youth. [pdf] CYFI and MasterCard. Accessed June 12, 2018, from http://www.childfinanceinternational.org/resources/publications/2014-banking-a-new-generation.pdf
Elliott, W. (2013). Small-dollar children’s savings accounts and children’s college outcomes. Children and Youth Services Review, 35(3), 560–571.
Farsagli, S., Filotto, U., & Traclo, F. (2016). Educating people about finance and economics. Approaching curriculum design: An Italian experience. In C. Aprea, E. Wuttke, K. Breuer, N. K. Koh, P. Davies, B. Greimel-Fuhrmann, & J. S. Lopus (Eds.), International handbook of financial literacy. Singapore: Springer Science + Business Media.
Friedline, T., & Elliott, W. (2013). Connections with banking institutions and diverse asset portfolios in young adulthood: Children as potential future investors. Children and Youth Services Review, 35(6), 994–1006.
Garland, R. (2002). What influences customer profitability? Service–profit chain. Non-financial drivers of customer profitability in personal retail banking. Journal of Targeting, Measurement and Analysis for Marketing, 10(3), 233–248.
Gemius. (2017). E-commerce w Polsce 2017, Gemius dla e-Commerce Polska [E-commerce in Poland 2017. Gemius for e-Commerce Polska] [pdf]. Warszawa: Gemius Polska, Izba Gospodarki Elektronicznej. Accessed July 15, 2018, from https://www.gemius.pl/strona-glowna.html
Gemius. (2018). E-commerce w Polsce 2017, Gemius dla e-Commerce Polska [E-commerce in Poland 2018. Gemius for e-Commerce Polska] [pdf]. Warszawa: Gemius Polska, Izba Gospodarki Elektronicznej. Accessed July 15, 2018, from https://www.gemius.pl/strona-glowna.html
Han, R. & Melecky, M. (2013). Financial inclusion for financial stability access to bank deposits and the growth of deposits in the global financial crisis (Policy Research Paper WPS 6577). Washington, DC: World Bank. Accessed August 14, 2018, from http://documents.worldbank.org/curated/en/850681468325448388/Financial-inclusion-for-financial-stability-access-to-bank-deposits-and-the-growth-of-deposits-in-the-Global-Financial-Crisis
Haenlein, M., Kaplan, A. M., & Beeser, A. J. (2007). A model to determine customer lifetime value in a retail banking context. European Management Journal, 25(3), 221–234.
Inwestycje.pl. (2017). Nastolatki kupują w sieci [Teens buying in the net] [Online]. Accessed August 14, 2018, from http://inwestycje.pl/ecommerce/Nastolatki-kupuja-w-sieci;205420;0.html
Korenik, D. (2009). O roli służebnej banków komercyjnych [About servant role of the commercial banks]. Wrocław: Wydawnictwo Uniwersytetu Ekonomicznego we Wrocławiu.
National Agency for Financial Research and Child & Youth Finance International. (2017). Customer protection and security of savings and payments. Children and Finance [pdf]. Moscow: NAFI & CYFI.
Narodowy Bank Polski. (2015). Stan wiedzy i świadomości ekonomicznej Polaków [State of economic knowledge and consciousness of Poles] [pdf]. NBP. Accessed August 14, 2018, from https://www.nbportal.pl/__data/assets/pdf_file/0006/54528/Diagnoza-stanu-wiedzy-i-swiadomosci-ekonomicznej-Polakow-2015.pdf
Parusheva, S. (2018). A study on adoption of internet banking and new direct banking channels with reference to young Bulgarian consumers. Journal of Applied Economic Sciences, 13(2), 510–519.
Poushter, J. (2016). Smartphone ownership and internet usage continues to climb in emerging economies. Global Attitudes and Trends [Online]. Accessed August 14, 2018, from http://assets.pewresearch.org/wp-content/uploads/sites/2/2016/02/pew_research_center_global_technology_report_final_february_22__2016.pdf
Solarz, M. (2010). Społeczna odpowiedzialność banków w aspekcie wykluczenia finansowego [Social responsibility of banks in the aspect of financial exclusion]. Annales Universitatis Mariae Curie-Skłodowska. Sectio H. Oeconomia, 44(2), 241–254.
Solarz, M. (2018). Wiktymizacja klientów bankowych w Polsce – przyczyny i wybrane sposoby ograniczania [Victimization of bank clients in Poland – Causes and selected methods of mitigation]. Rozprawy Ubezpieczeniowe. Konsument Na Rynku Usług Finansowych, 27(1), 31–47.
United Nations General Assembly. (1989). Convention on the rights of the child. General Assembly Resolution 44/25 (20 November).
United Nations International Children’s Emergency Fund. (2013). Children’s rights and business principles [pdf]. UN Global Compact. Accessed August 10, 2018, from https://www.unglobalcompact.org/docs/issues_doc/human_rights/CRBP/Childrens_Rights_and_Business_Principles.pdf
Young, S. (2005). Etyczny kapitalizm. Jak na powrót połączyć prywatny interes z dobrem publicznym [Moral capitalism: Reconciling private interest with the public good]. Wrocław: METAmorfoza.
Author information
Authors and Affiliations
Corresponding author
Editor information
Editors and Affiliations
Rights and permissions
Copyright information
© 2020 Springer Nature Switzerland AG
About this paper
Cite this paper
Buszko, M., Dziawgo, L., Krupa, D., Chojnacka, M. (2020). Adoption of Banking Products and Services by Young People: Motives, Terms, and Preferences. In: Bilgin, M., Danis, H., Demir, E., Ucal, M. (eds) Eurasian Business Perspectives. Eurasian Studies in Business and Economics, vol 12/2. Springer, Cham. https://doi.org/10.1007/978-3-030-35051-2_20
Download citation
DOI: https://doi.org/10.1007/978-3-030-35051-2_20
Published:
Publisher Name: Springer, Cham
Print ISBN: 978-3-030-35050-5
Online ISBN: 978-3-030-35051-2
eBook Packages: Business and ManagementBusiness and Management (R0)