Friday, 02 Nov 2007

A majority of young British consumers are not convinced that they have the personal finance skills that will help them avoid money worries in future, according to a recent study.

Figures from the Nationwide Building Society show that two-thirds of British teenagers are confident in their ability to handle money and around a third suggest that everyone is in debt these days.

Only a little over a third of teenagers learn about personal finance at school, while a half use the internet to find out about money and more than 80 per cent consult their parents or guardians.

Stuart Bernau, Nationwide's executive director, said We are in danger of seeing the young people of today grow up without the confidence or understanding to make informed decisions about their money and plan for their financial future.

Many teenagers will unfortunately miss the opportunity to be taught this in their schools and the world of finance will remain a complicated and perhaps daunting place.

The government recently announced its plans to encourage teachers across the country to use child trust fund savings accounts as a way of engaging young people with financial issues.

News Source:
http://www.qck.com