Young people have their finances under control, but a lack of money is forcing them to give up experiences

Prague, 5 August 2026 – Music festivals are an important part of summer for young people, but attending them can put a significant strain on their budgets. According to a recent survey conducted by Ipsos for the Financial Market Guarantee System, a lack of money was the reason why 36% of young people did not attend a festival this year. The financial burden was also felt by those who did attend. Festival-related costs had a noticeable impact on the budgets of 49% of attendees, while 13% had to save for tickets, travel and accommodation over a longer period. Only 35% of attendees said that festival expenses posed no problem for them.

“A festival is not just a concert, but also a shared experience and an opportunity to spend time with friends. The data show that young people keep track of their finances and try to manage their money responsibly. However, even having a good overview of their budget does not mean they can afford everything that is important to their social lives,” says Renáta Kadlecová, Managing Director of the Financial Market Guarantee System.

Young People’s Financial Reserves Vary Widely

The findings of the latest festival survey complement data from a spring survey conducted by Ipsos for the Financial Market Guarantee System among young people aged 16 to 30. The data reveal significant differences in the amount of financial reserves they hold. Six per cent of respondents have no financial reserves deposited with financial institutions, while a further 17% have savings amounting to less than one month’s income. By contrast, 17% report having reserves equivalent to ten or more months’ income. These differing financial circumstances may determine whether attending a festival is considered a routine expense or an event that requires saving—or must be skipped altogether.

“Young people may have their finances well organised and yet live with very limited reserves. Financial literacy is therefore not only about the ability to monitor expenses, but also about planning for unexpected situations and gradually building up a financial cushion,” adds Renáta Kadlecová.

Feeling in Control Does Not Mean Having Financial Freedom

The spring survey also showed that 83% of young people believe they have their finances under control. Nevertheless, 55% of young respondents have felt socially excluded due to a lack of money at least once.

Financial circumstances also affect mental well-being. Account balances influence the mood of almost half of young people. Among those who would like to save but are unable to do so because of the cost of living, 30% say their account balance has a very strong impact on their mood. At the end of the month, 35% of young people have to monitor their spending very closely, while a further 11% feel stressed about going overdrawn or having to borrow money.

Young People Trust Banks, but Gaps Remain in Their Understanding of Deposit Protection

The spring survey confirmed that young people have a high level of trust in the traditional banking sector. Banks are trusted by 74% of young respondents, and 84% consider a savings or fixed-term deposit account to be a safe place for their money. At the same time, however, 38% believe that if their bank failed, they would recover only part of the money they had deposited.

“It is important that young people not only know that their deposits are protected, but also understand the extent of that protection. Deposits held in current, savings or fixed-term accounts are insured automatically and in full up to the equivalent of EUR 100,000 per customer per bank,” concludes Renáta Kadlecová.

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