Teens are better money managers than grown-ups

A recent study has shown that young British people know how to manage their finances and, in all probability, they will not have to seek debt management help when they grow up.
The study has demonstrated that over half of British children aged 9-13 save about the half of of the money they are given each month and spend them mostly on magazines and sweets.
Although teenagers usually have more financial needs than younger children, it turns out that they somehow manage to save about 30% of their average monthly income.
Amanda Newman, of M&S Money, says that young Brits are good money managers and have the stimulus to work to a mature extent.
Not so long ago, HSBC reported that the amount of money put away in savings by an average Brit is sufficient for meeting their financial outgoings only  for three days in case theyneed a financial backup.
 


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The cultural transformations that have made people accept life in debt have had a direct impact on the approach youngsters take to money matters, which could lead to negative consequences in the long run as many of the next generation would resort to IVAs to cope with serious financial issues.

When we put efforts into our work and get paid for this, we get an amazing feeling of satisfaction. Our hard hard work seems to have been remunerated financially. We go shopping and buy the items we need and the items we simply want.