安联集团-金融理财素养值得重视：智能投资不止于AI- Financial literacy pays Smarter investing goes beyond AI 2026

Financialliteracypays:

SmarterinvestinggoesbeyondAI

30July2026

AllianzResearch

AllianzResearch

2

Content

4

ExecutiveSummary

11

Thefinancialliteracyscoreboard:failingtoreachthetop

13

Financialconfidencedoesnotalwaysfollowfinancialcompetence

16

Savingintentionsarestable,investmentchoicesmakethedifference

22

Thepriceofnotknowingishigh

24

Fromadvisortoalgorithm:thenewfinancialadviceecosystem

Page25

Whatcanbedone:afive-pointfinancialliteracyplaybook

27

Appendix

Page28

AllianzSchoolforLife

30July2026

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Executive

Summary

LudovicSubran

ChiefInvestmentOfficer

&ChiefEconomist

ludovic.subran@

SimonKrause

Economist,ESG&Insurance

simon.krause@

MichaelaGrimm

SeniorEconomist,

Demography&SocialProtection

michaela.grimm@

KathrinStoffel

Economist,Insurance&Wealth

kathrin.stoffel@

NilsBradtke

SeniorInvestmentStrategist

nils.bradtke@

KatharinaUtermöhl

HeadofThematic&PolicyResearch

katharina.utermoehl@

•Financialliteracyisanimportantfoundationforbuilding,protectingandgrowing

wealthoveralifetime,butitremainstheexception.Fromchildren’sinvestment

accountsintheUStopensionreformsinGermany,responsibilityforbuildingwealthandfinancingretirementisincreasinglyshiftingfrominstitutionstoindividuals.Asfinancialproductsbecomemorecomplexandprivateprovisionmoreimportant,understandingbasicfinancialconceptssuchascompoundinterest,inflation,riskanddiversification

ismoreimportantthanever.Yetfinancialcapabilityisfailingtokeeppace.ThefourtheditionoftheAllianzResearchfinancialliteracystudy,questioningmorethan8,000respondentsacrosseightcountries,showslittlechangesinceourlastsurveyin2023¹.Literacyremainsworryinglylow:only17%scoredashighlyfinanciallyliterate,whileoneinfourscoredlow.TheUK(23%),Austria(22%)andGermany(22%)recordthe

highestshareofhighlyfinanciallyliteraterespondents,Spain(17%),Italy(17%)andPoland(15%)occupythemiddleground,whiletheUS(13%)andFrance(11%)rankatthebottom.TheUSalsorecordsthelargestlow-literacygroup(33%),suggestingthatgreatercapital-marketparticipationdoesnotautomaticallytranslateintogreater

financialcapability.

•Women,youngerrespondentsandthoselesseducatedfacethegreatestfinancial

challenges,butscorelowestonfinancialliteracy–apatternthatisremarkably

consistentacrosscountries.Womenneedtofinancelongerretirementsand

accumulateprivatewealth,yetareonlyhalfaslikelyasmentoachievehighliteracy

(11%vs.24%).Youngergenerationsalsobeargreaterresponsibilityforprivatelyfundingtheirretirementaspublicpensionsystemscomeundergrowingpressure,yetthey

recordtheweakestresults²:only12%ofGenZscoreashighlyliterate,comparedwith22%ofBabyBoomers.Attheintersectionofbothdivides,GenZwomenperformworst(10%high;40%low),whileBoomermenperformbest(29%high;13%low).Educationisanevenstrongerdivider:just5%ofrespondentswithprimaryeducationachieve

highliteracy,comparedwith24%ofthosewithtertiaryeducation.Confidenceand

competencearealsomisaligned:While17%ofrespondentsscoreashighlyliterate,only8%considerthemselvesmoreknowledgeablethantheaverageinvestor.Conversely,

thenumberofrespondentswhojudgetheirfinancialknowledgeaslowerthanaverage(48%)isdoublethenumberactuallyscoringaslow-literate(26%).Thispresentsthe

riskoftoolittleconfidenceleadingtoinaction,whileoverconfidencemayinvitecostlymistakes.

LucieTrollé

ResearchAssistant1Fortheprevioussurvey,see:AllianzResearch(2023),“PlayingwithaSquaredBall:TheFinancialLiteracyGenderGap,”

/en/economic_research/insights/publications/specials_fmo/financial-literacy.html

2See:AllianzResearch

(

2026

),“PensionReformSurvey2026:Everyoneknowsreformisneeded,fewexpectittohappen”,

/en/economic_research/insights/publications/specials_fmo/260625-pension-survey.html

AllianzResearch

4

•Smarterinvesting,nothighersaving,isoneofthelargestuntappedsourcesof

householdwealth.Thereturnonsavingsdependsnotonlyonhowmuchhouseholds

setaside,butalsoonhoweffectivelytheyinvest.Financialliteracystronglyshapes

thosechoices:morethanhalfoflow-literacyrespondents(53%)cannotidentifyan

investmentproducttheywouldprioritize,comparedwithonlyoneinfive(21%)of

thehigh-literacygroup.Asimplesimulationshowsthatshiftinghalfofexistingbank

depositsinanaveragehouseholdportfolio,inequalparts,intonationalbondsand

equitieswouldhaveincreasedannualreturnsineverycountry,ledbyPoland,Germany,andAustria(each+1pp).Suchashift,withoutconsideringadditionalsavings,would

haveliftedpercapitafinancialwealthby14–21%inrealtermsoverthepasttwo

decadesincountrieswiththehighestdepositshares.Germanyprovidesaclearexampleofthescaleoftheopportunity:theestimatedpercapitafinancialsurplusover20yearsamountstoEUR11,700afterinflation.

•AIisloweringthebarrierstofinancialadvicewithoutraisingcapability,making

financialliteracymoreimportantthanever.AImakesfinancialadvicemoreaccessiblebyreducingthecostandincreasingavailability,butitcannotsubstituteforthe

financialliteracyneededtoevaluatethatadviceandmakebettermoneymanagementdecisions.AIadoptionisalreadywidespread:almosthalfofrespondents(48%)useAIatleastweekly,risingto77%amongGenZ,while14%alreadyciteitasamainsourceoffinancialadvice(26%amongGenZ).Yetgreateraccessdoesnotautomatically

translateintobetterdecisions.AIusersareconsiderablymoreconfidentintheir

financialknowledge(43%vs.33%overall),butarenomorelikelytobehighlyfinanciallyliterate(18%vs.17%).Thiscreatestheriskofanoverconfidencebias:AImayincrease

confidencewithoutimprovingjudgment.Forfinanciallyliteratehouseholds,AIcancomplementprofessionaladvice.Forlessfinanciallyliteratehouseholds,however,itmayreinforcepoordecisionsbyprovidingadvicetheylacktheknowledgetoassess.

•Closingfinancialliteracygapsrequiresanewpolicyplaybookinvolving

governments,employersandfinancialinstitutions.Thereisanever-growingneedforcrediblefinancialandriskeducation.Whiletheresponsibilityforfinancialsecuritydoesnotsitwithhouseholdsalone,peoplearebeingaskedtotakegreaterresponsibilityfortheirfinancialfutureandneedthetoolsandknowledgetomakeinformeddecisions.

Governmentsshouldembedfinancialeducationinschoolsandadultlearning,whilemakingthelong-termconsequencesoffinancialdecisionsmoretangiblethrough

pensiondashboardsandpersonalizedretirementprojections.Employerscan

strengthenfinancialcapabilitythroughworkplaceeducation,pensionguidanceandaccesstotrustedadvice.Financialinstitutionsshouldcomplementtheseeffortswithsimplerproducts,higheradvicestandards,digitaltoolsandAI-enabledguidancethathelpshouseholdsmovefromsavingtolong-terminvesting.Acrossallstakeholders,

interventionsshouldbebroadenoughtoreacheveryone,yetsufficientlytargetedtoclosethepersistentliteracygapsamongwomen,youngergenerationsandless-educatedadults.Atthesametime,interventionsneedtohelppeoplecalibratetheirfinancialconfidence,recognizewhenprofessionaladviceisrequiredanduseAIasacomplement,ratherthanasubstitute,fortrustedfinancialguidance.

30July2026

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Thefinancialliteracyscoreboard:

failingtoreachthetop

Inmanyadvancedeconomies,responsibilityfor

financialsecurityisincreasinglyshiftingfrom

institutionsontoindividuals,raisingtheimportance

offinancialliteracy.Associalsecuritysystemscome

underincreasingdemographicstrain,individuals

needtotakegreaterresponsibilityforsecuringtheir

retirementthroughprivateplans³.Atthesametime,

returnstocapitalcontinuetooutpacethosetolabor

−adevelopmentthatcouldbeturbo-chargedbythe

impactofartificialintelligenceonemployment−makinginvestmentsratherthanwagesthekeydriveroflong-

termwealth,whetherthegoalishomeownershipor

otherfinancialobjectives⁴.Inthiscontext,financial

literacyequipspeopletomakethedecisionsthat

build,protectandgrowtheirwealthoveralifetime.

Theimplicationsextendfarbeyondpersonalfinances.Financialsecurityunderpinshealth,reducesstress

andstrengthenspeople’ssenseofcontroloverthe

future⁵.Ashouseholdsassumegreaterresponsibilityforretirementplanningandwealthaccumulation,financial

literacyincreasinglydeterminesnotonlywhoprospersfinancially,butwhoenjoysgreatereconomicresilienceandwellbeing.Andthechallengeisonlybecoming

harder.Arapidlyevolvingfinanciallandscape−definedbydigitalassets,increasinglysophisticatedfinancial

productsandpersistentcost-of-livingpressures−

demandsevergreaterconfidenceandcompetenceinmanagingmoney.

Tounderstandhowwellpeopleareequippedto

navigatethisnewfinancialreality,wesurveyedmorethan8,000respondentsacrosseightcountries:Austria,France,Germany,Italy,Poland,Spain,theUKand

theUS⁶.Thesurvey,thefourtheditionofourfinancial

literacystudy,buildsonAllianzResearch’sfinancial

literacyseries,usingthesamecorequestionnairetotrackdevelopmentsovertime⁷.Thisyear’seditionexpands

thecountrycoveragewiththeadditionofAustriaandPoland,withthelatterofferingafirstperspectiveonfinancialliteracyinCentralandEasternEurope.The

3Recentpensionreformproposalsincreasinglyemphasizefundedprivateretirementsavings.InGermany,theseincludeplansforacapital-fundedprivatepensionpillarandtheintroductionofa“Frühstart-Rente”,astate-supportedinvestmentaccountforchildren,designedtoencouragelong-termcapital-marketparticipationfroman

earlyage.

4SeeJordà,O.,K.Knoll,D.Kuvshinov,M.SchularickandA.Taylor(2019),“TheRateofReturnonEverything,1870–2015,”QuarterlyJournalofEconomics,134(3),

1225–1298.Usinglong-runhistoricaldatafor16advancedeconomies,theauthorsfindthattherateofreturnonwealthhaspersistentlyexceededtherateofeconomicgrowthoverthepast150years,withaveragereturnsoncapitalroughlytwiceashighaseconomicgrowth.

5See:OECD(2023),“InternationalSurveyofAdultFinancialLiteracy,”OECDPublishing,Paris.Thesurveyfindsthatadultswithhighfinancialliteracyreporthigherfinancialwell-beingandfinancialresiliencethanthosewithlowliteracy,andthatfinancialliteracyhelpsindividuals“developgreatercontroloverpersonalfinancialmatters.”

6DetailsonthesampleareprovidedinAppendixA.ThecompletequestionnaireisreproducedinAppendixB.

7Toensurecomparabilityacrosscountriesandsurveywaves,wemeasurefinancialliteracyusingthesameindexineachsurveywave.Fortheprevioussurvey,see:AllianzResearch(2023),“PlayingwithaSquaredBall:TheFinancialLiteracyGenderGap,”-

/en/economic_research/insights/publications/

specials_fmo/financial-literacy.html

AllianzResearch

6

financialliteraryscoreisbasedonninequestions

coveringthecoreconceptsunderpinningsoundfinancialdecision-making−interest,compoundinterest,inflation,riskdiversificationandprobability−drawingonthe

seminalworkofProfessorsAnnamariaLusardiand

OliviaMitchell⁸.Respondentsaregroupedintothree

levels,orbands,offinancialliteracyaccordingtothe

numberofcorrectanswers:low(0–2),medium(3–6)

andhigh(7–9).Thisclassificationisusedthroughoutthereport.

Thesurveyconfirmsaninsufficientleveloffinancialliteracyalmosteverywhere.Only17.5%ofall

respondentsreachthehigh-literacyband,while

25.9%fallintothelowband.Themajorityof56.6%

areclassifiedasmedium,suggestingabasicgrasp

offinancialconcepts,butnotthelevelofknowledge

requiredtonavigateincreasinglycomplexfinancial

decisions.Notably,thismediumshareisstrikingly

uniformacrosscountries,hoveringaround55%almosteverywhere,whilethedifferencesbetweencountries

playoutalmostentirelyintherelativesizeoftheirhigh-andlow-literacybands(Figure1).Rankedbythesharesofrespondentswithhighlevelsoffinancialliteracy,theUK(22.9%highliteracy),Austria(22.0%)andGermany(21.5%)recordthestrongestresults.Spain(17.4%),

Italy(16.9%),andPoland(15.4%)occupythemiddle

ground,whileFrance(10.7%)andtheUS(12.9%)rankatthebottom.Amongthesecountrydifferences,the

USstandsoutinparticular.Despitehavingoneoftheworld‘smostmarket-basedretirementsystems,italsorecordsthelargestlow-literacygroup(33.0%).Thismaybenocoincidence.Through401(k)s,IRAsanddefaultinvestmentoptions,householdscanparticipatein

capitalmarketswithlittleactivefinancialknowledge:

contributionsareautomatic,fundsarepre-selectedandinvestinghappenslargelyonautopilot.Beinginvested,therefore,doesnotnecessarilytranslateintogreater

financialcapability.

Thefinancialliteracyscoreboardhasmovedlittle

since2023,althoughsomecountrieshavemade

limitedprogress.Amongthesixcountriesincludedin

boththe2023and2026surveys,GermanyandtheUKrecordthenotableimprovements,withtheshareof

respondentsinthehigh-literacybandincreasingby5.4and7.0pp,respectively.TheUSalsoseesamoderate

improvementintheshareofrespondentswithhigh

literacy(+2.6pp),whileFrancerecordsonlymarginal

progress(+1.0pp).Spainseesagrowingpolarization

offinancialliteracy:boththelow-(+4.4pp)andhigh-

literacygroups(+1.1pp)grow,whilethemedium-literacy

Figure1:Financialliteracylevels,shareofrespondentsbycountryin%

Allcountries26%57%17%

Austria20%58%22%

France32%58%11%

Germany24%54%22%

Italy22%62%17%

Poland26%59%15%

Spain25%58%17%

UK26%51%23%

US33%54%13%

0%10%20%30%40%50%60%70%80%90%100%

LowMediumHigh

Source:AllianzResearch

8Theindexfollowsthe«BigThree»andextendedfinancial-literacyquestionsdevelopedinLusardi,A.andMitchell,O.S.(2011),«FinancialLiteracyaroundtheWorld:AnOverview»,JournalofPensionEconomicsandFinance,10(4),497–508,andLusardi,A.andMitchell,O.S.(2014),«TheEconomicImportanceofFinancialLiteracy:

TheoryandEvidence»,JournalofEconomicLiterature,52(1),5–44.

30July2026

groupshrinks(-5.5pp).Incontrast,Italyremainsbroadlyunchanged,showingneithermajorimprovementnor

deterioration.Overall,thefindingssuggestthatcurrentfinancialliteracyinitiativesarefailingtodeliverbroad-basedgains,underscoringtheneedformoresustainedandbetter-targetedinterventions.

Maleandolderplayersknowthegame:financial

literacysplitssharplybygenderandrisessteadilywithage(Figure2).First,thegenderliteracygapis

striking:23.9%ofmenreachthehigh-literacyband,

comparedwithjust11.2%ofwomen.One-third

ofwomen(33.3%)fallintothelow-literacyband

againstfewerthanoneinfivemen(18.4%).Thisgapisparticularlyconcerningbecausewomentypically

livelonger,earnlessovertheirlifetimeandthereforedependevenmoreonmakingtheirsavingswork

effectively.Second,financialliteracyincreasesacrossthegenerations⁹:only12.3%ofGenZreachthehigh-literacyband,comparedwith22.2%ofBabyBoomers,whilethelow-literacysharefallsfrom33.8%to19.7%.Thisisaworryingmismatch.Youngergenerations

willneedtostartbuildingprivatewealthearlierandmoreconsistentlythanpreviouscohorts,astheyarelikelytodependmoreheavilyondefined-contribution

pensionsandtheirownsavings.Yettheyaretheleast

financiallyequippedtonavigatetheseresponsibilities.

Together,thesetwodividesreinforceoneanother:youngergenerationsandwomenfacethegreatestchallengein

securingtheirfinancialfutureandrecordtheweakestfinancialliteracy.

Acloserlookshowsthatthegendergapisremarkablypersistentacrosscountries.Ineverycountry,menarearoundtwiceaslikelyaswomentoreachthehigh-

literacyband(Figure3).ThegapislargestinAustria

(30.4%vs13.5%),Germany(29.5%vs13.5%)andthe

UK(30.5%vs15.6%),meaningthatthesecountries’

strongoverallperformanceisdrivenprimarilybymen.Thismattersbecausewomentypicallyaccumulatelessincomeandwealthovertheirlifetimewhiledependingmoreheavilyonitinretirement¹⁰.Therefore,eacheuroofwomen’ssavingsandinvestmentsmattersevenmore.Yettheyarealsoworseservedwhentheyseekfinancialadvice¹¹.Lowerfinancialliteracythereforecompoundsexistinggenderdisparitiesratherthanoffsettingthem.

Figure2:Financialliteracylevels,shareofrespondentsbygenderandgenerationin%

17%

57%

26%

All

respondents

22%

58%

20%

BoomerMedium

16%

56%

28%

Millennial

11%

56%

33%

Female

12%

54%

34%

GenZ

17%

58%

25%

GenX

100%

90%

80%

70%

60%

50%

40%

30%

20%

10%

0%

24%

58%

18%

Male

Low

High

Note:BabyBoomers(birthyears1946–1964),GenerationX(1965–1980),Millennials(1981–1996)andGenerationZ(1997–2012).

Source:AllianzResearch

9GenerationsaredefinedaccordingtothePewResearchCenter:BabyBoomers(birthyears1946–1964),GenerationX(1965–1980),Millennials(1981–1996)andGenerationZ(1997–2012).

10SeeAllianzResearch(2026),“ClosingtheGenderIncomeGap:FromPaychecktoPension,”

/en/economic_research/insights/publications/

specials_fmo/260305-gender-gap.html.Thestudyestimatesalifetimeincomegendergapofaround16%forthe2000birthcohortacross14OECDcountries

,driven

primarilybylaborincome,andfindsthatstrengtheningfinancialliteracycanraisewomen‘sannualinvestmentreturnsbyupto1.5pp.Onpensionsspecifically,Eurostat(2026)reportsthatwomenaged65+intheEUreceivedonaverage24.5%lesspensionincomethanmenin2024.

11See:Bucher-Koenen,T.,Hackethal,A.,Koenen,J.andLaudenbach,C.(2025),“GenderDifferencesinFinancialAdvice,”AmericanEconomicReview,115(12),4218–

4252.Drawingonsome27,000real-worldadvisorymeetingsatalargeGermanbank,theauthorsfindadvisorsgivemoreself-servingadvicetowomen,recommendingexpensivein-houseproductsmoreoftenandofferingfeerebateslessoften.

7

AllianzResearch

8

Figure3::Gendergapinfinancialliteracy,shareoffemaleandmalerespondentsbycountryin%

Low

Medium

High

Low

Medium

High

Low

Medium

High

Low

Medium

High

Low

Medium

High

Low

Medium

High

Low

Medium

High

Low

Medium

High

Low

Medium

High

17%

9%

5544%%

29%

37%

30%16%

53%

49%

16%

36%

24%

11%

61%

56%

16%

33%

10%21%

61%

56%

18%

34%

2131%%

61%

28%16%

142%9%

56%

53%

15%

34%

16%

6%

57%

26%

37%

1340%%

57%

59%

28%13%

11%24%

5585%%

18%

33%

62%

58%

AllAustriaFranceGermanyItalyPolandSpainUKUS

countries

WomenMen

80%

70%

60%

50%

40%

30%

20%

10%

0%

Source:AllianzResearch

Thegenderandgenerationaldividesreinforceeachother.GenZwomenrecordtheweakestresultsof

anydemographicgroup,withonly9.6%reaching

thehigh-literacybandand39.8%fallingintothelow

band.Incomparison,BabyBoomermenperformbest,with28.9%inthehigh-literacybandandjust13.2%

inthelowband(Figure4).Thispatternisparticularly

pronouncedinItaly,where23.7%ofmaleBaby

Boomersarehighlyfinanciallyliteratebutonly6.6%offemaleGenZ−nearlyafourfolddifference.TheUSisanotableexception,withfinancialliteracyremainingcomparativelyflatacrossgenerations,echoingthe

earlierfindingthatwidespreadmarketparticipation

doesnotnecessarilytranslateintogreaterfinancial

capability.Overall,theevidencepointsinonedirection:

thegroupscarryingthegreatestresponsibilityfor

financingtheirownfuturearealsotheleastfinanciallyprepared.

Educationandincomesorttheremainingfield,andfinancialliteracyrisksentrenchingthedividestheyreflect.Thegradientsherearethesteepestinthe

entiresurvey(Figure5).Amongrespondentswithonlyprimaryeducation,47.8%fallintothelow-literacybandandjust4.7%reachthehighband.Bycontrast,24.0%ofrespondentswithtertiaryeducationreachthehigh-literacyband−morethanfivetimestheshareamongtheprimaryeducated.Incomeshowsasimilar,thoughweaker,gradient:21.7%ofhigh-incomerespondents

reachthehigh-literacyband,comparedwith11.8%

ofthelow-incomegroup.Theimplicationisthat

financialliteracygapsmayreinforceexistingeconomicinequalities.

30July2026

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Figure4:Highfinancialliteracygenerationalandgenderdivide,shareofrespondentsinthehighliteracybandbycountry,genderandgenerationin%

37%

33%

35%

17%

9%

23%

10%

19%

11%

25%

19%

10%

27%

10%

19%

9%

28%

11%

13%

7%

24%

13%

11%

12%

20%

12%

6%

20%

6%

17%

11%

20%

16%

9%

28%

14%

AllAustriaFranceGermanyItalyPolandSpainUKUS

countries

BoomerFemaleBoomerMaleGenZFemaleGenZMale

40%

35%

30%

25%

20%

15%

10%

5%

0%

Source:AllianzResearch

Figure5:Financialliteracylevels,shareofrespondentsbyeducationandincomein%

12%

54%

35%

LowIncome

High

17%

57%

26%

All

respondents

13%

57%

29%

SecondaryEducation

Low

22%

51%

28%

HighIncome

24%

57%

19%

TertiaryEducation

Medium

5%

48%

48%

PrimaryEducation

16%

59%

26%

MediumIncome

100%

90%

80%

70%

60%

50%

40%

30%

20%

10%

0%

Source:AllianzResearch

10

Box1:Canpeoplereadthepricetag?

Inflationperceptionsandthecost-of-livingbarrier

Financialliteracyisnotonlyaboutunderstandingfinancialconceptsbutalsoaboutinterpretingtheeconomic

signalsthatshapeeverydaydecisions,withinflationbeingoneofthemostimportant.Householdsthatoverestimateinflationunderestimatetherealreturnontheirsavingsandmayconcludetheyhavetoolittlelefttoinvest,reinforcing

thealreadyexistingcost-of-livingpressures.Wethereforeaskedrespondentstoestimatethecurrentinflationrateintheircountry,countinganswerswithinonepercentagepointoftheofficialrateasaccurate(Figure6).Theresultsaresobering:only28.0%estimatedinflationcorrectly,while48.7%overestimateditand23.3%underestimatedit.Onaverage,

respondentsputinflationat5.7%comparedwiththeactualrateof2.9%.OverestimationisparticularlywidespreadinItaly(70.6%),France(70.0%)andtheUS(59.7%).UnderestimationismostcommoninSpain(50.2%)andtheUK(41.9%).Bothdistortfinancialdecisions,butpersistentoverestimationislikelytodiscourageinvestingbyleadinghouseholdstounderestimatethepurchasingpoweroffutureinvestmentreturns.

Figure6:Inflationperceptions,shareofrespondentsbycountryunderestimating,accuratelyestimating,andoverestimatingcurrentinflation,in%

%

AllCountries49%28%23%

Austria46%40%14%

France70%24%6%

Germany47%38%15%

Italy71%29%0%

Poland40%18%42%

Spain30%20%50%

UK27%31%42%

US60%23%17%

0%20%40%60%80%100

OverestimationGoodestimationUnderestimation

Notes:Weconsiderestimateswithina1pprangearoundcurrentinflationasagoodestimate.

Sources:LSEGDatastream,AllianzResearch

Inflationperceptionscloselymirrorthefaultlinesoffinancialliteracyscoreboard.Austria(39.8%accurate)and

Germany(38.4%)recordthehighestsharesofcorrectestimates,whilecountrieswithweakerfinancialliteracyalso

displaylargermisperceptions.Thesamepatternappearsacrossdemographicgroups(Figure7):menestimateinflationmoreaccuratelythanwomen(31.6%vs24.6%),andaccuracydeclinessteadilyfromBabyBoomers(35.7%)toGenZ

(19.3%),whoarealsothemostlikelytooverestimateinflation(59.9%).Readingthepricetag,inotherwords,isanotherexpressionoffinancialliteracy:thesamegroupsthatstrugglemostwithfinancialconceptsarealsotheleastabletoaccuratelyassesstheeconomicenvironmentinwhichtheymakefinancialdecisions.

11

Figure7:Inflationperceptions,shareofrespondentsbygenderandgenerationunderestimating,accuratelyestimating,andoverestimatingcurrentinflation,in%

23%

28%

49%

All

respondents

22%

24%

54%

Mill