Oct 22 2007
Millions of young consumers across the UK want help in understanding the financial challenges they are likely to face, according to recent research from NatWest.
The financial services firm asserts that around 43 per cent of Britons aged between 18 and 21 feel that they are relatively naïve when it comes to money-related issues.
NatWest suggests that financial understanding is becoming increasingly important for young Britons given the greater variety of products and services available to them.
The research follows the government's recent announcement that child trust funds (CTFs) will soon be used in schools across the country as a way of helping young people engage with financial matters at an early age.
Mark Worthington, NatWest head of youth banking, said: "The reality of today's teenagers is that their financial circumstances are much more complicated than that of their parents at the same age."
Over half a million CTF accounts in the UK saw their contribution levels increase over the course of the third quarter of this year, the Tax Incentivised Saving Association revealed earlier this month.
