UK Wedding News
25/10/2013
The research, which was carried out by the Money Advice Service, asked more than 1,000 young people (aged 15 to 17), about how they manage their money and their attitudes towards it.
It was revealed that for those whose family finds it difficult to save for emergencies or unexpected costs, the less confident the teenager is when it comes to managing their own money. They are also less likely to develop positive money habits.
Two in five 15 to 17-year-olds from families who do save for emergencies, also saved money for themselves, but this falls to less than one in three young people who are from homes which are unable to save for unexpected costs.
Looking at advice on money matters, more than three in four young people said their parents' financial advice is the most helpful, and this was followed by financial institutions, friends and teachers. Perhaps worryingly, however, almost one in seven admitted they do not ask for advice on money matters from anyone.
Chief Executive of the Money Advice Service, Caroline Rookes, said: "We know our money habits are formed very young, and once formed are extremely difficult to shift.
"But I am struck by how heavily a young person's money management habits are influenced by their family's past and present financial behaviour.
"This is our first glimpse of how these young people are coping with the transition into adulthood – we see a generation 'coming of age' through a period of austerity, a group that's witnessing rapid financial change and learning how to cope and plan.
"It's vital that we keep track of their habits effectively so we can better understand their challenges and help them deal with life's financial ups and downs."
(JP/CD)
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Teens 'Inherit Parents' Money Habits'
A new study has found that teenagers display similar traits to their parents when it comes to money matters.The research, which was carried out by the Money Advice Service, asked more than 1,000 young people (aged 15 to 17), about how they manage their money and their attitudes towards it.
It was revealed that for those whose family finds it difficult to save for emergencies or unexpected costs, the less confident the teenager is when it comes to managing their own money. They are also less likely to develop positive money habits.
Two in five 15 to 17-year-olds from families who do save for emergencies, also saved money for themselves, but this falls to less than one in three young people who are from homes which are unable to save for unexpected costs.
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Looking at advice on money matters, more than three in four young people said their parents' financial advice is the most helpful, and this was followed by financial institutions, friends and teachers. Perhaps worryingly, however, almost one in seven admitted they do not ask for advice on money matters from anyone.
Chief Executive of the Money Advice Service, Caroline Rookes, said: "We know our money habits are formed very young, and once formed are extremely difficult to shift.
"But I am struck by how heavily a young person's money management habits are influenced by their family's past and present financial behaviour.
"This is our first glimpse of how these young people are coping with the transition into adulthood – we see a generation 'coming of age' through a period of austerity, a group that's witnessing rapid financial change and learning how to cope and plan.
"It's vital that we keep track of their habits effectively so we can better understand their challenges and help them deal with life's financial ups and downs."
(JP/CD)
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