With the current economic climate, it is crucial that young adults are financially literate. Whilst there is no financial education in the current schooling system, people must look elsewhere for advice in order to navigate their personal finances.
MoneyTransfers.com, decided to investigate young adults’ views on their finances and the sources they use to access financial information.
Key Findings from our research:
- 70% of young adults state the cost of living is their biggest challenge in life.
- Two-thirds consider themselves ‘really stressed about their finances, whilst almost half of their parents do not realise they feel this way.
- Two-thirds of young adults would like financial advice from their parents, whilst only 38% of parents thought their children were interested in this.
- 31% of parents say they never discuss finances with their children.
- 25% of young adults access financial information online, and 44% from banks and financial advisors.
Jonathan Merry, CEO of MoneyTransfers.com, commented:
“It’s clear that young people expect more when it comes to financial education, and even though there is a wide array of information available, education should really start at home. Young adults are clearly interested in managing their finances, and giving them an early start can help.“
Where Do Young Adults Get Their Financial Information?
Moneyzine.com decided to investigate the differences in accruing financial advice among generations.
- 27% of Gen Z get financial advice from social media, higher than any other generation.
- 31% of 18-40 year olds describe themselves as ‘fully confident and informed’ when it comes to investing, in contrast to just 16% of 57-75 year olds.
- One in four people who lost money to fraud in 2021 reported that this started on social media.
- The number of under-20s falling victim to online identity theft has increased by 156% from 2017 to 2020.