Young people lack money management

Jonathan Watts-Lay, Director, WEALTH at work comments on the shocking statistics from a recent nationwide Youth Barometer survey, which shows that young people lack basic money management skills.  Watts-Lay comments “The statistics reported in the Youth Barometer are shocking as it is absolutely crucial that young people learn and understand the importance of saving for their future.  By introducing financial education into schools and universities, more  people will be able to learn the basic principles of money management at a younger age which will benefit them not only in their early years of adulthood but also throughout their careers and later on in life as well.   Young individuals should be thinking about planning for their financial future.  As well as understanding fundamental topics such as bank statements, over drafts and loans, it is important that Generation Y learn about and understand how to set and achieve their financial goals through active money management which can help individuals to build a personal savings plan and save in a tax efficient way.  Young people also need to be aware that financial decisions made at a young age – for example taking out a student loan, obtaining an overdraft etc – can impact them later on in life and financial education is key in aiding this understanding.”

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