“They didn’t teach us to manage our money” – parents and schools blamed for financial problems

More than half of 25-34 year olds believe they were not taught to be financially responsible by their parents, according to Axa's Big Money Index, which tracks consumer intentions and trends.

And more than a third of all respondents said the lack of financial education in schools was to blame for people struggling to manage their money.  Personal disorganisation was the root cause of financial problems, according to 43 per cent of the survey.

The report suggested that almost two thirds of those responding had had to reduce their spending over the past two years, and a quarter may be facing serious downsizing – such as holidays, cars and even their home – in the coming year.

 Some 18 per cent said they no longer saved any money, while 16 per cent said they would not be able to pay their bills for more than three months if they lost their job.

For more information on the survey, go to:   http://tinyurl.com/cfgpzrm