Frugality is no longer considered the virtue it once was, whereas short-term financial planning has become more common, professors Panu Kalmi and Olli-Pekka Ruuskanen conclude in their extensive study of the financial literacy skills of Finns. In particular, the change is evident in the relatively weak understanding of financial principles and irresponsible financial behaviour of young adults in the country.
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Frugality is no longer the virtue it once was
“A transition from long-term saving to satisfying short-term needs has taken place,” summarises Ruuskanen, a professor of insurance science at the University of Tampere.