Changing financial expectations of the young - Money - News - Moneyfacts


Changing financial expectations of the young

Changing financial expectations of the young

Category: Money

Updated: 31/03/2009
First Published: 31/03/2009

This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

Britain's youngsters are becoming more aware of the challenging economic times they live in and are preparing for their financial future in ways their parents never did.

Almost nine in ten 12 to 19 year olds are keeping track of their money, while over two thirds know more about managing money than they did a year ago, according to NatWest's MoneySense Panel.

The findings are evidence that an increased emphasis on the personal finance curriculum in schools is paying dividends, although the expectation gap is still high; on average young people expect to be earning a salary of £53,900 by the age of 35, over £30,000 more than the average earnings of somebody that age.

Given such lofty ambitions it is perhaps unsurprising that many of the UK's youngsters supplement their pocket money with part-time work. Almost a quarter of 15 year olds balance their education and social life with work, rising to over a third of 16 year olds and over four in ten 17 year olds.

"The results are encouraging in that young people's attitudes and behaviours towards money seem to be moving in the right direction," said Maxine Norris, head of NatWest MoneySense for Schools.

"This will be the first time these young people live through an economic downturn which, although challenging for their parents, may encourage greater realism when it comes to their future financial expectations."

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

Related Articles

It’s good to talk (about money issues)

They say that it’s good to talk, yet it seems there are some subjects that people are just too embarrassed to discuss. Money is definitely one of them, yet failing to talk could make those issues far more stressful than they need to be.

Give your finances a pre-Christmas health check

The festive season is rapidly approaching, and with it comes thoughts of how you’re going to fund the whole thing. It’s important to be on the ball, and giving your finances a pre-Christmas health check could be one of the best things you do.

Parents to spend £552 on children this half term

Autumn has truly arrived – and half term with it. This looks to be bad news for parents’ wallets, as research from American Express shows they will be spending an average of £276 per child this holiday break.