Nearly three quarters (73%) of 18 to 24 year olds are increasingly worried about their financial future new research from Scottish Widows reveals.
The research also states 66% of 18 to 24 year olds think their parents are more knowledgeable when it comes to finance.
In contrast 61% of the over 55s are happy they are financially prepared and 61% of over 55s have confidence in their banking skills.
Despite 59% of people admitting to worrying about their financial future it seems those concerns are not enough to force them into action. More people spend time watching TV than on finances. Over a third (37%) of the nation spends over 10 hours a week watching TV compared to just 1% who the spend the equivalent on finances.
Meanwhile, those aged 18 to 24 claim they would rather spend their money on the here and now compared to only 11% of over 55s. Of those that do considering saving 28% of young people spend less than half an hour choosing a bank account compared to the over 55s with over half (53%) spending anything from half an hour to over five hours.
George Andrew, consumer affairs spokesperson at Scottish Widows, says consumers need to be thinking of their finances not matter what their age. “Our survey also finds that 68% of the nation believes they do not earn enough money to be financially prepared - many young people are focused on paying off student debt and getting on the housing ladder and longer term financial planning takes second place," he adds.
If you have any comments you would like to add to this story or would like to speak to its author about a similar subject, telephone Matthew West on 020 7484 9893 or email [email protected].IFAonline
Joined as head of strategy, multi asset, in June
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