Following in the family’s financial footsteps

A new study from the Money Advice Service has put hard numbers to something that has been very clear to everyone working in financial education for a long time – that young people’s approach to handling money is “heavily influenced” by their parents’.  The study demonstrates that the harder a family finds coping with their finances, the less confident a young person is at handling their own money.

More than half of 15-17 year olds from families who can pay bills or loans find it easy to live within their means, while less than a third do so if their family struggle with their bills.

But how their family is coping financially doesn’t affect young people’s reliance on parents for money advice.  More than three quarters of the survey of 1000 young people said they found their parents' advice most useful, followed by advice from the likes of banks, friends or teachers.

For full details of the study, click here.

For a news report, click here.