安联集团-金融理财素养值得重视：智能投资不止于AI

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

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Executive

Summary

•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.

1Fortheprevioussurvey,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.

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30July2026

Thefinancialliteracyscoreboard:

failingtoreachthetop

Inmanyadvancedeconomies,responsibilityfor

financialsecurityisincreasinglyshiftingfrom

institutionsontoindividuals,raisingtheimportanceoffinancialliteracy.Associalsecuritysystemscomeunderincreasingdemographicstrain,individuals

needtotakegreaterresponsibilityforsecuringtheirretirementthroughprivateplans³.Atthesametime,returnstocapitalcontinuetooutpacethosetolabor

adevelopmentthatcouldbeturbo-chargedbythe

impactofartificialintelligenceonemploymentmakinginvestmentsratherthanwagesthekeydriveroflong-

termwealth,whetherthegoalishomeownershiporotherfinancialobjectives⁴.Inthiscontext,financialliteracyequipspeopletomakethedecisionsthat

build,protectandgrowtheirwealthoveralifetime.

Theimplicationsextendfarbeyondpersonalfinances.Financialsecurityunderpinshealth,reducesstress

andstrengthenspeoplessenseofcontroloverthe

future⁵.Ashouseholdsassumegreaterresponsibilityforretirementplanningandwealthaccumulation,financial

literacyincreasinglydeterminesnotonlywhoprospersfinancially,butwhoenjoysgreatereconomicresilienceandwellbeing.Andthechallengeisonlybecoming

harder.Arapidlyevolvingfinanciallandscapedefinedbydigitalassets,increasinglysophisticatedfinancial

productsandpersistentcost-of-livingpressures

demandsevergreaterconfidenceandcompetenceinmanagingmoney.

Tounderstandhowwellpeopleareequippedto

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

theUS⁶.Thesurvey,thefourtheditionofourfinancial

literacystudy,buildsonAllianzResearchsfinancial

literacyseries,usingthesamecorequestionnairetotrackdevelopmentsovertime⁷.Thisyearseditionexpands

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,18702015,”QuarterlyJournalofEconomics,134(3),

12251298.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-makinginterest,compoundinterest,inflation,riskdiversificationandprobabilitydrawingonthe

seminalworkofProfessorsAnnamariaLusardiand

OliviaMitchell⁸.Respondentsaregroupedintothree

levels,orbands,offinancialliteracyaccordingtothe

numberofcorrectanswers:low(02),medium(36)

andhigh(79).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.Despitehavingoneoftheworldsmostmarket-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%

17%

26%

Allcountries

Austria

France

Germany

Italy

Poland

Spain

UK

US

22%

20%

57%58%

11%

32%

22%

24%

58%54%

17%

15%

22%

26%

25%

26%

62%59%

17%

58%

23%

51%

13%

33%

54%

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),497508,andLusardi,A.andMitchell,O.S.(2014),«TheEconomicImportanceofFinancialLiteracy:TheoryandEvidence»,JournalofEconomicLiterature,52(1),544.

30July2026

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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.Yettheyaretheleastfinanciallyequippedtonavigatetheseresponsibilities.

Together,thesetwodividesreinforceoneanother:youngergenerationsandwomenfacethegreatestchallengein

securingtheirfinancialfutureandrecordtheweakestfinancialliteracy.

Acloserlookshowsthatthegendergapisremarkablypersistentacrosscountries.Ineverycountry,menarearoundtwiceaslikelyaswomentoreachthehigh-

literacyband(Figure3).ThegapislargestinAustria(30.4%vs13.5%),Germany(29.5%vs13.5%)andtheUK(30.5%vs15.6%),meaningthatthesecountries’

strongoverallperformanceisdrivenprimarilybymen.

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

Figure2:Financialliteracylevels,shareofrespondentsbygenderandgenerationin%

100%

12%

16%

17%

17%

90%

22%

11%

24%

80%

70%

54%

56%

56%

60%

57%

58%

58%

58%

50%

40%

30%

34%

33%

20%

28%

26%

25%

20%

18%

10%

0%

GenZ

All

respondents

Female

Male

Low

Millennial

BoomerGenX

MediumHigh

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.

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Figure3::Gendergapinfinancialliteracy,shareoffemaleandmalerespondentsbycountryin%

80%

70%

61%

61%

61%

62%

60%

54%

53%

56%

56%

56%

53%

57%

57%

59%

58%

55%

54%

58%

50%

49%

40%

37%

30%

36%

11%

33%

10%

34%

29%

14%

34%

37%

30%

14%

11%

33%

30%

17%

9%

29%

16%

16%

24%

16%

21%

18%

23%

11%

16%

28%

16%

6%

26%

13%

28%

24%

18%

20%

15%

0%

10%

Low

Medium

High

All

countries

Low

Medium

High

Austria

Low

Medium

High

France

Low

Medium

High

Germany

Low

Medium

High

Italy

Low

Medium

High

Poland

Low

Medium

High

Spain

Low

Medium

High

UK

Low

Medium

High

US

WomenMen

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.

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Figure4:Highfinancialliteracygenerationalandgenderdivide,shareofrespondentsinthehighliteracybandbycountry,genderandgenerationin%

40%

35%

30%

25%

20%

15%

10%

5%

0%

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

Source:AllianzResearch

100%

Figure5:Financialliteracylevels,shareofrespondentsbyeducationandincomein%

90%

80%

70%

60%

50%

40%

30%

20%

10%

0%

17%

57%

26%

5%

48%

48%

13%

57%

29%

24%

57%

19%

12%

54%

35%

16%

59%

26%

22%

51%

28%

All

Primary

Secondary

Tertiary

LowIncome

Medium

HighIncome

respondents

Education

Education

Education

Income

LowMediumHigh

Source:AllianzResearch

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%

AllCountries

Austria

France

Germany

Italy

Poland

Spain

UK

US

28%23%

40%14%

24%6%

38%15%

29%0%

40%30%

27%

60%

49%46%

47%

23%17%

70%

71%

20%31%

42%

42%

50%

18%

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.

10

11

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

100%

90%

80%

70%

60%

50%

40%

30%

20%

10%

0%

21%

19%

22%

24%

23%

25%

23%

28%

24%

32%

25%

28%

24%

36%

60%

54%

53%

49%

47%

45%

41%

All

respondents

FemaleMaleBoomerGenXMillennialGenZ

OverestimationGoodestimationUnderestimation

Notes:Weconsiderestimateswithina1pprangearoundcurrentinflationasagoodestimate.

Sources:LSEGDatastream,AllianzResearch.

AllianzResearch

12

Financialconfidencedoesnot

alwaysfollowfinancialcompetence

Financialknowledgeisonlypartoftheequation;peoplemustalsofeelconfidentenoughtoactonit.

Askedtocomparetheirfinancialknowledgewiththatoftheaverageinvestor,respondentspaintaremarkablycautiouspicture.Acrossalleightcountries,oneinfour

(25.0%)believetheyknowmuchlessthantheaverageinvestor,whileafurther23.0%considerthemselves

somewhatlessknowledgeable(Figure8).Justover

one-quarter(25.8%)ratethemselvesasaboutaverage,andonly7.6%believetheyknowmorethantheaverageinvestor.Nearlyoneinfiverespondents(18.7%)are

unabletojudgetheirownlevelofknowledge.Country

differencesarerelativelymodest.Polandrecordsthelowestlevelofself-confidence,with56.9%placing

themselvesbelowtheaverageinvestorandonly

3.9%above,whilerespondentsintheUKandtheUSexpressthegreatestconfidence,with9.6%consideringthemselvesmoreknowledgeablethanaverage.

Figure8:Financialconfidence,shareofrespondentsbycountryin%

Allcountries

Austria

France

Germany

Italy

Poland

Spain

UK

US

25%

26%

8%

19%

28%

21%

8%

22%

23%21%

20%

24%

7%

27%

21%

25%

25%

7%

21%

21%

23%

31%

9%

17%

17%

17%

20%

30%

22%

4%6%

25%

24%

27%27%

22%

33%

10%

11%

23%

26%

24%

10%

17%

22%

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

IknowmuchlessthantheaverageinvestorIknowsomewhatlessthantheaverageinvestor

AboutthesamethantheaverageinvestorIknowmorethantheaverageinvestor

Idon’tknow

Source:AllianzResearch

30July2026

13

Confidenceisnotalwaysanaccuratereflection

ofcompetence.Acrossalleightcountries,17.5%of

respondentsreachthehigh-literacyband,butonly7.6%

considerthemselvesmoreknowledgeablethanthe

averageinvestor.Conversely,almosthalfofrespondents(48.0%)judgetheirfinancialknowledgetobebelow

aver