The RBS Group is committed to supporting young people to become financially capable for life through the MoneySense programme.
Find out more about MoneySense.
The MoneySense research report
In 2012 we gathered together these findings and asked a range of people; parents, teachers, young people and expert stakeholders to help generate recommendations to improve the financial capability of young people in the UK.
Read the full report:
The research findings
Our study coincided with a period of great change in the UK, politically and economically. We at RBS have also been on our own journey of change. The recession and change of government have both had a major impact on young people’s attitude to money and their aspirations for the future.
The report is structured around five key themes:
|Earning, spending and saving
Older teenagers are struggling to find part-time work. As a result, their parents are paying them more pocket money to help make up the difference.
|Knowledge and understanding
15% of young people in lower income families said they don’t know if learning about money is important or not (compared with 3% from the highest income families).
|Salary and lifestyle
Young people have told us that salary doesn’t matter, as long as you are doing something you enjoy.
|Debt and worry
Young people are becoming increasingly worried about money. 70% of the young people we surveyed in England expected to have debts of up to £50,000. Those who thought they would be debt free halved from 24% to 12% in 5 years.
Once again we are being told that financial education is important at all ages for young people. Experts think it should be taught at an earlier age, and should use more relevant examples to help young people understand it more easily.
Our 5 recommendations are designed to help improve the financial capability of young people across the UK and show that everyone has a part to play; parents, teachers, employers, the Government and financial experts.