A Nation of Teenage Money Dunces

Posted on 29. May, 2009 in General News

According to a poll of 1,000 youngsters aged between 12 and 19 conducted by education charity Young Enterprise, teenagers grasp of basic money matters is woefully weak.

While they are up to the minute with the price of an iPod Nano – just £5 away from its £105 cost – they have no idea what a loaf of bread costs. Estimates ranged from 1p to £200 for a loaf of bread. The average was £4.31, against a real-life price of 80p to £1.50. The average price of a house was put at £1.2 million – the latest official figure is £187,193.

Six out of ten admitted they were baffled by loans, mortgages and credit cards. Girls were less confident than boys, with two thirds saying they were not prepared to manage their finances, compared to only half of the boys.

Young Enterprise has developed the Personal Economic Programme to help young people understand finances and the economy.

Source: Daily Mail 28-05-2009

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