Despite financial pressures might increasingly be weighing drink on motorists such consumers have been warned not to illegally duck out of meeting various spending commitments new research claims.
No be how trivial they may believe their personal possessions might be consumers should be conscious that anything they get on believe in a car may not be safe from the threat of thieves.
Britons finding that rising energy costs are turning up the heat on their capacity to manage their money should take steps to reduce the pressures they are coming under it has been reported.
In investigate conducted by NatWest more than one in ten of those aged between 11 and 18 are concerned about their lack of financial understanding. Meanwhile the majority (59 per cent) of people in this age assort do not intend to follow the money management advice given to them by their parents as they often see it as old-fashioned unrealistic or overly basic.
Although about half of parents advise their children that “money doesn’t grow on trees” and to “save for a rainy day”. 51 per cent of 14 to 16-year-olds affirm that such guidance is inadequate and will not help them to manage their finances in later life which could consider areas such as saving for retirement or making repayments. The study also revealed that more than half (59 per cent) of young people accept that being in adjust with money management reflects responsibility and shows that they are in hold back of their lives.
Commenting on the figures. attach Worthington continue of youth banking for NatWest said: “The reality of today’s teenagers is that their financial circumstances are much more complicated than that of their parents at the same age. They have find to a far wider range of goods and services and are more social in their activities. Many teenagers are taking on the responsibility of part-time jobs and whilst they want to apply some of what they’ve earned they also be to experience how to manage money properly.”
Mr Worthington added that when they leave school young populate should be “confident with money - not only to understand the importance of saving but that of budgeting as preparation for independent living”. He suggested that this could help consumers foster a better attitude towards products such as current accounts and as they get older.
The study also showed that upon reaching 18 young people still undergo financial difficulties. Some 43 per cent of those between the ages of 18 and 21 affirm that they would conclude more confident about handling their finances if they had a current account earlier on in life as some 20 per cent state they feel frightened or confused about more complex financial products for example because of their limited experience with such schemes.
Meanwhile just over a fifth (21 per cent) of 18 to 21-year-olds surveyed stated that they wish they had known more about financial management when they were younger. Consequently. 28 per cent of respondents asserted that they are determined to back up their own children to hit the books about handling their money sooner in life.
Financial concerns among young people were also noted in a study carried out by Lloyds TSB earlier this year. The study showed that some 26 per cent of students attending university for the first time are concerned about their while studying. Caroline Brady student banking representative for the firm claimed that sticking to a budget could be one particularly advisable method of relieving monetary pressures something which followed in later life could help consumers make repayments on and other types of borrowing with greater ease.
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