A more canny younger generation?

As financial planners, we were delighted to read the Year Two findings of The MoneySense Panel - an unprecedented five year survey of over 9,000 young people, aged 12-19 years, examining the effectiveness of financial education - which were unveiled this week . The survey looks at earnings, budgeting, debt, and hopes and aspirations for their future finances.

The results from this year's Survey reveal a generation becoming increasingly aware of the challenging economic times they live in, and preparing for their financial futures in ways their parents never did. With more importance placed on the personal finance curriculum in schools, there is evidence of a more financially capable generation.

An impressive 86% of young people keep track of their money, up from 79% last year

Over two-thirds (68%) said they knew more about managing money than last year

Half of young people are content that they ‘have enough money', up from 46% last year.

When asked how much more money per month would make them happy, this year young people came across 25% less needy than last year citing £372 compared to £496 last year.

At Planning for Life we maintain a strong commitment to educating the younger generation about money and life and financial planning. Learning to manage one’s own finances is a vital life skill and we aim to make the acquisition of this skill both an enjoyable and educative process. Through a programme of workshops and seminars, young people are introduced to the concepts of budgeting, spending and investment in an open and accessible environment that will enable them to make informed choices about their financial futures.