Generation Debt

A recent study conducted by the Personal Finance Education Group (pfeg) revealed that the younger generation of the world may have a firm understanding about financial literacy but they have what seem to be extremely relaxed views when it comes to debt matters.

The study showed that one in twenty teenagers think that credit cards are free and that they don't have to pay the money back. While one-fourth of youngsters under 18 think that credit cards are only for goods and services and that it is the duty of the parents to pay the bill. Nine-tenths of teenagers worry about finances but think that credit cards and overdrafts are the easy way out. One in four teenagers think that the reasoning behind overdrafts are so that people won't have to worry going over their limit, while another 23% think it's so that you can spend more than one is allowed.

The study concluded that more young people (two-thirds) want to learn about investing their money versus the half of teenagers that are more interested in saving and controlling spending.

Myvesta UK