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7 May, 2009

Citizenship Foundation and Abbey research highlights importance of financial education and resources

A survey of 3000 young people aged 14-19, carried out on behalf of the Citizenship Foundation and Abbey by OnePoll in February 2009, emphasised a clear need for improved financial education for younger people.

The findings from the research found that only 19% of young people have a good understanding of the current economic crisis and over 80% are concerned about the impact this will have on them once they leave full time education.

As a result, the ‘My Money, My Rights' guide was developed by the Citizenship Foundation in partnership with Abbey. The guide contains simple tips and advice for young people on how to manage their money.

The poll also revealed that roughly two thirds of the young people surveyed worry about money, 41% are unaware as to the consequences of being overdrawn and only 36% say they are confident they have the skills and knowledge to manage their money in difficult times.

However, it is encouraging to see that two thirds of teenagers (70%) would like to be taught more about finance at school. The ‘My Money, My Rights' guide covers a range of issues that impact teenagers' lives, including banks and building societies, consumer law and student finance. In addition, two lesson plans have been developed alongside the guide to help teachers introduce managing money and the guide effectively into the classroom.

‘Having a grasp of our economic and financial rights and responsibilities has never been more important. It is vital to build a broader understanding of the world around us, and to lay the foundations for greater participation and better decision-making or, as we put it, effective citizenship.'

Tony Breslin, Chief Executive, Citizenship Foundation

For further information about ‘My Money, My Rights' or the survey results please contact Elly Harrowell, Project Support Officer - Paying for It.


Your comments

From Stan Evans - Derby
I am seriously disturbed and surprised that young people seem so unconcerned about loss of civil liberties in Britain and the further attacks on freedom and rights planned by government over the next years.Of course, money and jobs are important, but without civil liberties and human rights, we have lost everything that made Britain a free and democratic nation which earlier generations fought for I am glad I will not be around in this future society. The young people are welcome to what they are wishing for.

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