You are here: Home - Saving & Banking - News -

Young people are still bamboozled by their money

Written by:

A Government survey has found that young people are still baffled by their money, with many unaware of the most basic aspects of finance.

A poll undertaken by the Department for Education and Skills (DFES) found that 40% of 16-21 year olds did not know what APR stood for and that 25% thought store cards better value than credit cards – even though they are generally a lot more expensive.

All aspects of finance – from saving and investment to insurance – were a mystery to many of the young people polled. Bill Rammell, minister for higher education said: “It would appear that in many families money remains the last taboo subject.”

He was speaking to help launch the Talking Money initiative, which aims to confront the issues highlighted by the poll, including the discovery that 90% of parents said they would welcome advice on student finances.

He said: “Talking Money is designed to raise awareness of the fact that financial help is available to cover the cost of higher education in the form of loans, grants and bursaries.

“We are encouraging parents and their children to sit down and talk about money together and to get them to compare savings accounts and other financial products so they get the best value from them.”


Tag Box




Financial fitness

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Are you a first-time buyer looking for a mortgage?

Look no further, get the help you need by searching for your perfect mortgage

Which ISA is right for you? A round up of the six products available in 2017

From cash to innovative finance to lifetime, here's our guide to the ISA products available to savers this yea...

Guide to buy-to-let tax changes

In late 2015, former Chancellor George Osborne announced a range of  tax measures aimed at landlords, which t...

A guide to switching energy provider

All you need to know about switching from one energy supplier to another.

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Five fund tips for a 0.25% interest rate environment

With interest rates stuck at a record low 0.25% and expectations rates could fall to close to zero, here are ...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

Investing your money

Alliance Trust Plc gives you smart insight into how to invest your money

Money Tips of the Week

Read previous post:
Single parents are struggling to save for their kids

Single parents are struggling to save for their children’s future, with just one in six making regular payments into a...