Nov 1 2007
Young people around the UK need more help in understanding the financial pressures that they are likely to face in later life, a new report has suggested.
Research by the Nationwide Building Society found that there is widespread ignorance of basic money-related issues among teenagers around the UK and the organisation has called for more to be done to promote financial understanding.
"We are in danger of seeing the young people of today grow up without the confidence or understanding to make informed decisions about their money and plan for their financial future," said Stuart Bernau, Nationwide's executive director.
The report from Nationwide follows recent government announcements that child trust funds (CTFs) are to be used as a way of engaging British children with financial matters.
Around half a million CTFs saw added contributions over the course of the third quarter of this year, according to figures published by the Tax Incentivised Saving Association.
