Financial complexity is youths’ reality

Posted 2007-11-19

“The reality of today’s teenagers is that their financial circumstances are much more complicated than that of their parents at the same age,” stated Head of Youth Banking, Mark Worthington. He also asserted the fact that young people now have access to a wider range of financial products.

Additionally 51% of youths aged 14 to 16 years of age were irritated by unhelpful statements such as “money doesn’t grow on trees,” when questioned.

Most of today’s young Britons aged 18 and under are looking for sound advice when it comes to financial options.

NatWest’s research revealed that nearly three-fifths (59%) of young people believe experience with money management is imperative for their future economic security.

When young people are exposed to the actualities of sound financial practices they are far more likely to make wise financial decisions, such as securing home mortgages in their futures.

The Consumer Credit Counselling Service has previously published that youths under 25 years of age are increasingly more willing to undertake borrowing such as secured home loans.

The financial charity also stated the amount in loans lent to the demographic in all forms, between 2003 and 2005, increased by about a quarter.

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