UK Teenagers Upbeat About Future Finances

Wed, 31 Mar 2010

British teenagers are optimistic about their financial future despite the tough economic climate, according to new research by NatWest .

A survey of 12-to-19-year-olds by the bank found that most expect to graduate university with just £10,000 of student debt to their name - less than half the average level of debt UK students are currently graduating with (£23,000).

Many of the teens questioned said they believe they will be able to afford their own house by their mid-20s and have an annual income of more than £50,000 by the time they reach the age of 35.

However, they also revealed that they had started to be more careful with their finances, with two thirds saying the economic recession has helped improve their money management skills.

Wendy van den Hende, chief executive of Personal Finance Education Group (pfeg), said: "In many ways [teenagers] are very switched on and in control. So there is this weird juxtaposition, because they are very interested in money but are not necessarily clued-up about what they can expect in the future."

"All this points to a need for more financial education for children from a very early age, so they can build up their skills and confidence."
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