Money minded
A significant number of young people in the UK believe that they do not have adequate knowledge of finance, it has been claimed. Research by NatWest has revealed that 43 per cent of young people do not feel they know enough about how to manage their money. However, 59 per cent of respondents said that they will not follow the financial advice given to them by their parents.
Mark Worthington, head of youth banking at the firm, said: “The reality of today’s teenagers is that their financial circumstances are much more complicated than that of their parents at the same age.” Young people are now able to access a wide range of goods and services, he stated, arguing that many now want to know how to manage their money “properly”.
Young people aged seven to 19 spend £13.9 billion a year. The average amount owned by 18 to 24-year-olds is £12,790 – excluding student loans.
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