Money worries affecting 90 per cent of teens

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Money worries affecting 90 per cent of teens

A worrying trend of debt could be emerging among the younger generation after new research discovered nine out of ten teenagers are concerned about money.

The study was carried out by the Personal Finance Education Group (pfeg) and it found that more than half of teens have either been in debt or are in debt when they reach their 17th birthday.

These findings come after national financial education charity Credit Action recently found that consumer debt in the UK has now passed through the £1.25 trillion barrier and this could rise further after pfeg reported that teenagers were increasingly relying on overdrafts for their spending money.

In order to combat this trend of debt, pfeg, in collaboration with the Financial Services Authority, has expanded the Learning Money Matters scheme which is designed to foster financial education in schools to help them in the future.

Wendy van den Hende, chief executive of pfeg, said: "We owe it to our young people to ensure that they have the financial acumen to deal with the responsibilities of being an adult. That's why personal finance education is absolutely vital in schools."

On the bright side, when asked what they would do if given £50, the majority of teens (52 per cent) stated that they would spend half and then put the other half in savings.

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