Security, not only in the military but also in the economic dimension, is one of the thematic priorities of the Polish Presidency of the EU Council. As indicated by the results of an annual survey commissioned by the Warsaw Institute of Banking and the GPW Foundation, Poles' personal sense of financial security is not only desirable but also dependent on many factors. Unfortunately, nearly half of respondents (48%) rate their level of economic security as average, and one in five (22%) even lower. Interestingly, Poles, in addition to the amount of accumulated savings (48%), most often perceive their level of economic security through the prism of the stability of the socio-political situation in the country (38%). And how do respondents assess their economic knowledge, and is it improving? The results of the 8th annual survey conducted by Indicator on behalf of the Warsaw Institute of Banking and the GPW Foundation – "Level of Financial Knowledge of Poles 2025" – were presented on the eve of the 2025 Economic Education Congress.
According to data, as many as 59% of Poles surveyed over the past 12 months believe they should save more and more regularly for a rainy day, and half of them declare that savings should be diversified. A third of respondents also indicate that they should limit their expenses and lead a more modest lifestyle. Importantly, this response is more common among rural residents – 4 in 10 respondents.
How we feel about finances – the youngest and the oldest with the greatest shortage
One in three respondents rated their economic knowledge as low or very low, and 37% as average. Differences in responses are evident depending on the age and education level of the respondents – the youngest, oldest, and least educated rate their knowledge lower. This demonstrates the need for systemic solutions to economic education in our country. The National Financial Education Strategy, adopted by the government last year, includes initiatives aimed at these groups, among others.
The sources Poles most often use for economic knowledge have been changing in recent years. Blogs and online portals are becoming increasingly popular, with 62% of respondents reporting they gain knowledge from them (55% in 2022), and podcasts and online videos are gaining popularity at 27% (19% in 2022). However, the percentage of people who obtain their knowledge from traditional media is decreasing (34% currently, 49% in 2021).
"The results of this year's study clearly show that Poles increasingly understand the importance of economic knowledge in building personal financial security – both on a daily basis and in the long term. We are encouraged by the growing awareness of the need to save and diversify our finances, but at the same time, we see significant knowledge gaps in key areas such as cybersecurity, investing, and the tax system. This is a clear signal that the educational activities of the banking sector, which will continue, among others, through the National Center for Economic Education, as well as the implementation of the National Financial Education Strategy for 2024-2030, must be intensified and better tailored to the needs of various social groups," commented Dr. Tadeusz Białek, President of the Polish Bank Association.
Cybersecurity knowledge needed
Cybersecurity is an area where 46% of respondents perceive the greatest knowledge gaps. Investing (32%) and the tax system (28%) ranked next. The study also shows that Poles are perfectly at home in the world of cashless payments – only one in twenty respondents indicated they lack knowledge in this area.
Knowledge gaps are also driven by the awareness that it needs to be continually expanded. Forty-one percent of respondents say they would like to deepen their knowledge of cybersecurity (a 3 percentage point increase compared to last year's survey), and 24 percent say they would like to deepen their knowledge of the tax system. Only one in five respondents would like to deepen their knowledge of investing, despite the fact that one in three respondents report a lack of knowledge in this area. The popularity of cashless payments and the increasing proficiency in using them mean that only two in 100 Poles feel the need to expand their knowledge in this area.
Poles are aware that improving their economic knowledge will improve their savings – 38% of respondents believe so, slightly fewer believe it will translate into better household budget management – 35%, and one in three respondents believe it will provide a greater sense of financial security.
"The study indicates that for many Poles, a sense of economic security is closely linked to a stable social, political, and economic situation in the country. Therefore, economic education should be treated as an element of the common good – above political divisions and ongoing political disputes. The experience of the Year of Economic Education 2024 clearly demonstrated the need for reliable and practical economic knowledge – applied in everyday life. Therefore, the establishment of the National Center for Economic Education is another important step in building a systemic approach to economic education in our country," emphasizes Waldemar Zbytek, President of the Warsaw Institute of Banking, co-organizer of the study.
Poles and investing in the stock market
Only 12% of respondents rate their knowledge of the stock market as very good or rather good. For over half of those surveyed, understanding the principles of the Stock Exchange's operation is still a challenge – 58% of respondents rate their knowledge in this area as very little or rather poor.
"Invariably, a low level of investment knowledge stands in the way of Poles investing. Besides the lack of knowledge cited by respondents, false knowledge also poses a challenge. We still know too little about finance, we distrust the stock market, and we fear the risks associated with investing. This isn't a problem of a single educational campaign, but rather a lack of a systemic approach. If we want Poles to manage their money wisely, we must ensure education—not only in schools but also at home.".
Without this, it is difficult to talk about a modern and resilient market – comments Dr. Wiesław Rozłucki, Chairman of the Supervisory Board of the GPW Foundation, on the results of the study. .
The public is also hesitant about investing due to a lack of familiarity with WSE instruments. 65% of respondents have heard of stocks but don't know what they are (a slight improvement is visible – last year, 70% of respondents indicated this). Similarly, for bonds (58%), three-quarters of respondents have never heard of ETFs. Meanwhile, improving Poles' economic knowledge would contribute to greater self-confidence, understanding of mechanisms, and, consequently, a change in attitudes. Currently, 44% of Poles do not invest in the stock market because they lack sufficient knowledge. However, there has been a noticeable shift in respondents' responses regarding concerns about investing. In the case of risk (change from 68% in 2024 to 59% in 2025) and in the case of fear of incurring losses (change from 69% in 2024 to 61% in 2025).
The study again tested the participants' knowledge of investing in practice. On average, participants answered half of the investing questions correctly. 2% provided no correct answers, and 3% achieved a score of 7/7.
Knowledge in practice – it should be better
The study shows that Poles still lack knowledge about banking operations and the costs associated with loans. Only 16% of respondents understand that loan interest rates are not synonymous with a bank's earnings (i.e., margins), and over half of respondents (53%) believe that loan margins depend solely on a bank's business strategy.
What is also significant in the context of the current public debate is that only 4 in 10 Poles know the amount of capital gains tax, the so-called Belka tax (amounting to PLN 19%), and one in four respondents does not know the rate of this tax, even though it applies to all individuals who save, for example, on deposits, bonds or use other financial instruments.
Since June 2024, Poles have been able to block their PESEL numbers, thus protecting them from unauthorized use. Sixty-eight percent of respondents know that banks and financial institutions cannot grant loans with a blocked PESEL number. However, lower levels of awareness are evident among the youngest respondents and those with the lowest education. This demonstrates the continuing need for informational outreach to citizens about this solution, both within the public administration and the financial sector.
The full report from the “Level of Financial Knowledge of Poles 2025” study is available on the websites of the Warsaw Institute of Banking Foundation and the GPW Foundation.
Check the research report
The study was carried out in March 2025 by the INDICATOR Marketing Research Center on a nationwide representative research sample (1,000 people) using the CATI method (computer-assisted telephone interviews).
