According to new research from CYBG’s digital banking service B, we start to worry about money from the age of 26. At present this is the age when most young people start their first proper job and move into rented accommodation or own their first home.
The research found:
- 18% of 18-24-year-olds said their mental health suffered due to the levels of debt they have
- 28% said they worried about running out of money to cover basic living costs
- 25% of people surveyed blamed the ‘buy it now’ online spending culture
- 14% felt they were addicted to spending
- 33% believe financial education should happen at primary school
- 50% believe this should be introduced as part of secondary education
- 65% were unaware that personal finance is on the curriculum for UK secondary schools
It seems today’s culture is geared towards spending rather than saving and it is too easy to click now and worry about it later!
Innovation director at B, Helen Page, said: ‘‘People find it hard to talk about money and spending – this is one of the last taboos in our ‘tell all’ society…. Clearly we should be doing more to educate young adults, so they feel better equipped to manage these big life moments and adopt a positive attitude towards money.”