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A fifth of parents think that their teenagers are financially clueless

28 August 2013

Gocompare.com reveal that one in four parents think that schools should teach more money management

Almost a fifth (19%) of parents think that their teenagers are clueless about managing their finances and 24% worry about them getting into a financial mess.

Gocompare.com surveyed* 1,000 parents of 16 to 19 year olds about how money-wise their teenagers were.  The survey revealed that parents lack confidence in their children's ability to manage their cash:

  • 77% of parents say that they were more financially literate when they were in their late teens than their kids are
  • 74% said when they were age 16 to 19 they had more money saved than their children have
  • 70% don't think their children are switched on when it comes to finances
  • Over a quarter (26%) of parents worry about how easy it is for their children to get into debt
  • 22% of parents said that they didn't know how their children would afford to get a place of their own
  • A fifth didn't know how their kids would be able to save a deposit to buy a house
  • A quarter of parents think that the school curriculum should have a stronger focus on life skills such as budgeting and managing money

Matt Sanders, Banking expert from Gocompare.com commented, "Managing money is a crucial life skill and it is essential that we help our children develop the skills and knowledge needed to handle their finances.   Whether they are about to go off to university or start work, many teenagers will, probably for the first time, be responsible for managing their own finances and will be faced with the challenges presented by budgeting, saving for the future and managing debt effectively.  Reassuringly, our survey suggests that many parents have some valuable financial advice and good habits to pass on to their children."