RBS study finds high earning expectations of young people


RBS study finds high earning expectations of young people

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:

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

Tagged

Latest news

RBS to help 2.5 million people each year to be more financially capable

RBS has today committed to helping 2.5 million people in the UK each year to improve their financial capability.

RBS to increase lending to sustainable energy sector following £1.1bn securitisation of loans to UK sustainable energy market

RBS has executed a £1.1bn securitisation deal with Macquarie Infrastructure Debt Investment Solutions (MIDIS), which will allow the bank to recycle capital and increase lending to the sustainable or renewable energy sectors.

RBS launches £1 billion Female Entrepreneurship Funding and announces targets to help create at least 50k new businesses by 2023

RBS has today announced a new £1 billion in funding through NatWest to support female entrepreneurs in the UK to scale and grow – the largest intervention by a UK lender focused specifically on female-led businesses.

Set Tab for lightbox