Youth of today on top of their finances

A new survey of the nation’s youth has suggested that the financial fecklessness and apathy that they are sometimes credited with by elders may not be entirely justified.

The survey of 16-24-year-olds from Bacs Payment Schemes, who run the UK’s system of direct debit, suggests that they are far more on-the-ball than they are credited with being.

“Recently there has been much speculation regarding the lack of financial skills amongst todayís young adults,” said Michael Chambers, Bacs managing director.

“Although financial awareness amongst this age group may not be as high as in older adults, consumer payments survey data shows that this is by no means a new phenomenon.”

The survey showed the number of 16 to 24-year olds with current accounts is ten per cent up on 1992, and more young people feel on top of their finances.

More of the age group expressed confidence about using their accounts for things like direct debit and obtaining the best rate of interest available to them.

“It is very positive to illustrate that attitudes to money amongst young adults are improving over time,” Mr Chambers said.

“This is positive news in a climate where youngsters are facing increasing financial worries such as pressures regarding student debt and rising house prices.”

More than half said that they plan for the future rather than living for the moment and more than three quarters check each entry on their balance statements.

© Adfero Ltd

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