Penny for your thoughts Young people & Finance Research

Each month, TheSite.org helps over 500,000 people access vital: Information… ...via no-nonsense fact sheets Support… … from peers via discussion boards Advice… … from experts via askTheSite

Plus the inter-connected issues: home, education, mental health… Peer support Q&A service Local advice 100+ articles

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

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 - 21 16 - 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 websites Connexions (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

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