Wednesday 1st of April 2009
Young people in Britain are becoming more aware of the need to manage their money, according to new research.
NatWest found that those between the ages of 12 and 19 are taking greater care, as they attempt to avoid the need for debt management solutions in the future.
Over two-thirds in the age group told the bank that they know more about financial issues than they did a year ago, while 86 per cent of respondents are keeping track of their money.
Maxine Norris, head of NatWest MoneySense for Schools, stated: "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."
The poll also found that youngsters are becoming more realistic about the potential need for debt help, with just 39 per cent expecting to owe less than £10,000 upon finishing university.
Meanwhile, charity Credit Action has found that the average household in the UK is almost £60,000 in debt.
- Debt consolidation loans falling, figures show
- Britons 'changing attitudes' towards debt management
- Homeowners 'more concerned with debt management'
- Low interest rate 'contributing to debt management efforts'
- Debt management growing in importance, survey finds
- Single parent families 'more distressed by debts'
