RBS has launched its fifth year of research into how much young people in the UK know about money. And there are some interesting findings - here are just a few:
- 16 to 19 year olds are getting more pocket money than ever before, and 12 to 15 year olds are getting less
- Young people are earning less – only 20% of young people earned their own money through a part-time job in 2011
- 91% of older teenagers have a bank account, but 85% of young people received money in cash in 2011
- Boys are more confident about money than girls, girls are more realistic, and worry more about money
- 33% of young people in England expect to have £30,000+ debt after university, compared to only 8% in Scotland and 12% in Wales
This research will help RBS improve its MoneySense for Schools education programme. The data shows that young people who have taken the RBS MoneySense and NatWest MoneySense for schools lessons have a better knowledge of financial products and services, and are more likely to believe it's important to save.
"It's more important now than ever before to give our young people the opportunity to learn about how to manage their money. We know from this research, that young people are more confident about dealing with the practical, day to day aspects of money if they've had RBS Group MoneySense lessons at school. And that in turn makes them feel more equipped to deal with key decisions in life."
Philip Hampton, Group Chairman, RBS