35% of young adults ‘are concerned about their finances on a daily basis’
More than a third (35%) of young adults are concerned about their finances on a daily basis, a survey has indicated.
Research among 2,000 18 to 21-year-olds found that 31% look to social media influencers for advice, with 25% of those relying on TikTok.
The survey, commissioned by Santander UK, also found that only one in seven (13%) young adults feel the financial lessons they received in school are applicable to their personal finances.
Four-fifths (79%) have never created a budget, 76% have never paid a bill, and 77% have not set aside funds for unexpected expenses.
Financial education programme
William Vereker, chairman of Santander UK, which is planning to launch a financial education programme in 2025, said: “Young people’s understanding and effective management of money is essential in their own lives, but also for wider society and economic growth.
“Empowering them with the knowledge and skills to develop a healthy, resilient relationship with money directly impacts the economic stability of the country, by reducing individual debt, instilling investment habits and encouraging entrepreneurship.”
– The research was carried out by Savanta in October and November.
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I’m double the age of those surveyed, but I still struggle to put money aside for “unexpected expenses”. I earn more now than I ever have in my life – more than either of my parents ever did – but it will still take me a solid 2-3 years to save the 15% deposit required for the average house price in Wales. The generations that came after me have no chance. Having your own car is one of the most basic freedoms that young adults will experience, but on average they are expected to pay £2,200 a year for their… Read more »
Personal finance should be the job of the home and the individual. When one starts to earn money then you have the motivation to learn about personal finance, not before. The individual should take responsibility for one’s own life. Money in versus money out is not rocket science.