Money worries start from age 26
Starting a first job and buying or renting a property are the main triggers for money worries, the study by CYBG’s digital banking service B found.
Worryingly, one in five 18-24 year olds said their mental health is suffering due to the amount of debt they have already built up. A further 28% fear they’ll run out of money and won’t be able to afford basic living costs.
Just under a quarter of millennials blame technology for creating a ‘buy it now’ culture that makes keeping track of their spending difficult, while 14% fear they are addicted to spending.
Helen Page, group innovation director at B, said: ‘‘Starting out on your first job should be an exciting moment – not a trigger to start worrying about how to manage your finances. Clearly we should be doing more to educate young adults so they feel better equipped to manage these big life moments and adopt a positive attitude towards money.”
The research also looked at the age at which financial education should be taught and who in society is responsible for this. A third of respondents said education should happen at primary school age (7-11), while half believed it should happen at secondary school age.
Despite the majority (83%) agreeing financial education should start at school, 65% were not aware government-funded secondary schools in the UK are already required to teach pupils about personal finance.