Teaching children about finanical matters not a priority say South West adults (From The Wiltshire Gazette and Herald)

Teaching children about finanical matters not a priority say South West adults

9:49am Wednesday 23rd May 2012 in News

South West adults overwhelmingly think today’s teens will be worse off in the future, a survey by NatWest has revealed. Children on the other-hand expect to earn £50,800.

The stark differences between children and their parents have been highlighted by NatWest’s MoneySense Research Panel Survey.

The findings of the survey, based on responses from 12,000 British young people, also indicate:

* On average, English teens expect to earn almost £57,000 at the age of 35 – but in reality this age group earns less than half of this, £24,000;

* 9 out of 10 children think it’s important to learn about money, and are more concerned about debt than any other year since 2007;

* 71 per cent of young people would like their parents to teach them about finance.

This strongly contrasts with adult’s opinions:

* The majority of adults believe teens will be earning £25,000 at the age of 35;

* Nearly 80 per cent of parents don’t consider money the top priority to discuss with their children;

* Despite teens wanting to talk to their parents about finance, only 36 per cent of adults actually feel qualified to do so.

Andrew Cave from NatWest and RBS Community Affairs said: "We know from our research that children want to learn about money, and we know that they instinctively look to their parents.

"But we also know a lot of adults don’t feel comfortable talking about money with their children, only 18 per cent of them could very confidently describe what an APR is.

"That’s one of the reasons why NatWest believes it’s more important than ever to educate young people about money in the classroom.

"We believe every child should leave school armed with the ability to manage their money and the skills to make the best financial decisions for their future."

The report is in its fifth and final year and in total has interviewed more than 50,000 young people up and down the country.

The aim has been to speak to children between the ages of 12 and 19 and listen to their opinions, attitudes and understandings of cash and how it works in the modern world.