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May 1, 2008

Teenagers show promise in financial management

by Gill Montia

Story link: Teenagers show promise in financial management

The reputation held by British teenagers for squandering their own and their parents’ hard earned cash is under threat.

According to research undertaken for The Children’s Mutual, which specialises in the investment of Child Trust Funds, the nation’s teenagers are far more responsible with money than parents believe.

The Trust Fund Generation report, which has been prepared by the Social Issues Research Centre, found that many parents were fearful that their children would “blow” a lump sum received on their 18th birthday.

Forty-two percent of parents thought the money would go on material goods and 19% could see the nest-egg evaporating as their children spent it having fun.

However, the research found that 57% of teenagers who imagined themselves in receipt of £20,000 at 18 would use the money wisely.

Of this group, the majority would seek some form of investment, others would use the money to improve their education or use it as a deposit on a house.

David White, chief executive of The Children’s Mutual, is enthusiastic about the attitudes of the young and suggests that being brought up in an environment of cheap credit and record levels of personal debt has put wise heads on young shoulders.

Things can only get better, because the Government is intent on educating the current generation of children about personal finance.

 

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