The report also suggests that 34% of young people regularly run out of money. Looking at older youths, the report highlighted a remarkable lack of financial education with only two% of those asked saying they received money management advice from school and 90% saying they relied on friends and relatives for money advice.
In the 22-24 year old category, one in three said they sometimes had to rely on hand outs from parents, and 20% said they would put off paying a bill or use an unauthorised overdraft if they ran out of money.
This report is part of a broader consumer education effort sponsored by Barclay’s.
The report’s release coincides with Barclay’s launch of three new charity partnerships with Action for Children, the National Skills Academy for Financial Services, and the National Youth Agency –that will help to promote money management education amongst young people.