UK Money News
7th April 2008
Teens shun spending habits of parents
A new survey has revealed surprising results about the fiscal responsibility of the nation's teenagers.
Latterly, Britons' financial habits have been characterised by high levels of borrowing on credit cards and loans.
However, a poll from The Children's Mutual found that the next generation are likely to adopt a save-first, spend-later approach that is quite at odds with this approach to personal finances.
This was revealed when 57 per cent of teenagers surveyed said that if they were given a lump sum of £20,000 at 18, they would save the money.
David White, chief executive of The Children's Mutual, welcomed the findings, which he said are a "credit" to teenagers.
He commented: "Their parents were brought up in an environment that was all about borrowing and spending but this generation of young people has realised that saving now and spending later is a better approach.
"With the papers full of the credit crunch there has never been a more appropriate moment to talk about this."
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