Penny for your thoughtsYoung people & Finance Research

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The survey

• An online survey promoted through TheSite.org and AdviceGuide.org.uk

• October 2007 to February 2008

• 651 young people completed the survey (self-selecting sample)

• Survey covered...

• Money management• Sources of financial advice and information• Use of financial products• Financial literacy• Debt and its effects

Respondent demographics

18 - 19 20 - 2116 - 17 22 - 23 24 - 25

The results

Money management strategies

Sources of financial advice

Parents

Bank/ building society

Internet

Citizens’ Advice

Independent financial advisor

Friends

Magazines/ newspapers

Debt advisors

School/ college/ university

18% feel that their finances are completely private

Helpfulness of information sources

Parents (587)

Bank/ building society (389)

Internet (437)

Citizens’ Advice (131)

Independent financial advisor (112)

Friends (498)

Magazines/ newspapers (257)

Debt advisors (91)

School/ college/ university (325)

Awareness of websitesConnexions

(www.connexions-direct.com)

Advice online(www.adviceonline.co.uk)

National Union of Students(www.nusonline.co.uk)

Advice guide – Citizens’ Advice

(www.adviceguide.org.uk)

Money made clear(www.moneymadeclear.co.uk)

This is money(www.thisismoney.co.uk)

TheSite.org(www.thesite.org)

Usage of websites – Financial advice

Connexions(383)

Advice online(104)

National Union of Students(307)

Advice guide – Citizens’ Advice(306)

Money made clear(63)

This is money(81)

TheSite.org(269)

Uptake of financial products

79% had a bank account with an overdraft facility

40% had a credit card

25% had a personal loan

18% had at least one store code

20% used no credit products

Access to credit

Awareness of debt

I hardly notice it

It’s manageable but stressful

I’m comfortable with it

It rules my life and my wallet

Effects of debt

Mental health

Romantic relationships

General health

Relationship with parents

Academic studies

Job

Relationships with friends

Financial literacy

In summary

•Uptake of credit-related financial products amongst respondents was high

•Debt has had negative consequences for many of the young people who completed the survey

•There was low financial literacy demonstrating a need for advice and information

•The internet was considered to be a useful information channel regarding financial matters