OFT aspires to raise 'financial acumen' among young Britons

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OFT aspires to raise 'financial acumen' among young Britons

Fri 22nd Jun 2007

The Office of Fair Trading (OFT) is making concerted efforts to raise financial awareness among young people in the UK.

Its move follows research carried out by the Financial Services Authority showing a widespread lack of knowledge among young people about choosing the right products.

The OFT has highlighted the most typical consumer problems affecting young Britons, estimating that the average amount owed by 18 to 24-year-olds is £12,790.

It encourages consumers to stop and carefully consider before making a purchase and warns that buying on credit could entail them paying a lot more in the end.

Paul Burton, a spokesperson for the OFT's consumer education arm, said: "'The amount spent by young people is enormous and they are increasingly involved in spending decisions whether it is mobile phones, computer games or traditional areas like clothes."

He added: "Having a skilled group of consumers shopping around and aware of their rights benefits us all."

The OFT's comments coincide with the Young Consumers of the Year competition being run by the Trading Standards Institute.

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