Young people are more money savvy, says NatWest

Tue, 31 Mar 2009

Banking giant NatWest have revealed the findings of the second year of their five-year survey of 12-19 year olds and their financial habits and have found the results to be promising.

More youngsters are keeping track of their money, with a seven per cent increase on last year to 86 per cent, over two-thirds said that they knew more about managing money than the previous year, and 50 per cent are happy that they have enough money.

The expectation gap is also narrowing, with more kids having financial hopes which correspond more accurately to the reality conveyed in national statistics.

Dr Sandra Scott, one of the psychological experts tracking the children from the start, said: "We may see that this change in outlook during the economic downturn could result in more savvy, informed young people with a greater understanding of how they can best shape their financial futures."

Research by high street bank Halifax also shows that kids are spending their pocket money on music downloads and sweets while their parents foot the bill for more expensive items.
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