A recent study has revealed that children as young as 12 years old are starting to worry about money and debt problems in the future.
The research, which was commissioned by the Personal Finance Education Group (PFEG) to coincide with My Money Week, questioned a total of 1,000 young people on the subjects of money and debt management.
It was found that over half (57 per cent) of youths aged 12 to 16 expected to find it difficult to manage their finances when they were older. 62 per cent admitted that they had concerns about not having enough money, whilst 30 per cent said they were worried about racking up debt problems in the future.
Another, more encouraging, statistic to emerge from the study was that 95 per cent of those surveyed said that they wanted to learn more about money management and budgeting, household bills, and the cost of moving into their own homes.
The chief executive of the PFEG, Wendy van den Hende, commented on the results of the study, saying that they demonstrated the importance of educating young people about money and debt. She said:
“As this survey shows, young people are worried about having enough money for their future, whether going to university, starting work or saving for something, but are very keen to learn more.
“Understanding and managing your personal finances is vital and getting involved with My Money Week can help young people learn some of the practical skills they need.”
