NatWest: British teens being taught to budget

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NatWest: British teens being taught to budget

Fri 21st Nov 2008

NatWest has released a study showing that many parents are prioritising teaching their teenagers how to budget to the credit crunch.

For many teenagers, this actually means receiving larger allowances from their parents, with over two-thirds of parents saying they had upped their children's allowances.

NatWest's survey revealed that these new allowances come with certain strings attached, as kids are now expected to manage their own money - 60 per cent of parents now expect their children to cover their own travel costs, one-fifth expect them to buy their own stationery and one in ten teenagers now has to buy their own school uniform.

Mark Worthington, NatWest's head of youth banking described the trend as "encouraging".

He said: "Parents are keen to get their children used to more day-to-day banking products […] so they can learn about the importance of budgeting and seeing where their money goes."

Yesterday, Lib Dem leader Nick Clegg proposed a nationwide system of financial education in schools, saying it would help young people avoid the "addiction to debt" that has afflicted their parents' generation.

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