Date post: | 27-Nov-2014 |
Category: |
Health & Medicine |
Upload: | youthnetslides |
View: | 1,318 times |
Download: | 0 times |
Penny for your thoughtsYoung people & Finance Research
Each month, TheSite.org helps over500,000 people access vital:
Information…...via no-nonsensefact sheets
Support……from peers viadiscussion boards
Advice……from experts viaaskTheSite
Peer support
Q&A service
Local advice
100+ articles
Plus the inter-connected issues: home, education, mental health…
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