Young people 'don't take financial advice from parents'
Published On 22 October 2007
Young people in the UK could find themselves in debt and need to use tools like IVAs in the future because they are not getting enough financial advice from their parents, a new report has claimed.NatWest found that 59 per cent of young people do not intend to follow financial advice that their parents give them, as they think it is unrealistic, old-fashioned or too basic.
However, 43 per cent of the country's youth said that they did not think that they had been given enough advice about managing their finances.
This lack of advice means that 11 per cent of those aged between 11 and 18 are already worried about the fact that they will get into financial difficulty in later life.
"The reality of today's teenagers is that their financial circumstances are much more complicated than that of their parents at the same age," warned Mark Worthington, NatWest's head of youth banking.
"They have access to a far wider range of goods and services and are more social in their activities. Many teenagers are taking on the responsibility of part-time jobs and whilst they want to enjoy some of what they've earned they also want to know how to manage money properly."
Recent research from moneysupermarket.com suggested that over five million people in the UK think that they will be in debt for the rest of their lives.
