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pfeg: Young people financially 'responsible'

26 Oct 2007

pfeg: Young people financially 'responsible' Young people are in charge of their financial responsibilities, the Personal Finance Education Group (pfeg) said today.

The director of policy, Alistair Mathews, explained that despite their awareness, many young people are lacking in the necessary "knowledge and skills" needed to put it into practical use.

"There's no doubt that young people now recognise that they're going to be incurring considerable financial expenditure in the years immediately after they turn 18. Which wasn't the case in the past. Therefore, some people will be wanting to prepare for that by saving money," he said.

A recent survey by NatWest in association with UCAS revealed that 54 per cent of school leavers use their gap year to get a job and earn money for university rather than to travel.

Mr Mathews added that young people should receive more help in understanding money in a "real world context" to help them deal with budgeting for the expenses incurred at university.

According to NatWest, on leaving university, graduates owe £12,363 on average. Meanwhile it found that just 41 per cent of sixth formers felt prepared financially for university life.

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