Meanwhile, Those Children Living In The Midlands Are Most Anxious About The Affordability Of Housing

Category: Finance, Credit.

The current financial climate is causing concern for more than just the nation s adults, according to new research. Around one in five of those questioned claimed to be worried that they will get into debt and be poor in later life.

In a study carried out by Abbey Banking, it was revealed that a significant proportion of young people between the ages of 11 and 15 are worried about their ability to manage their finances as they get older. Research from the financial services firm also unveiled that boys are most likely to have concerns over monetary matters, with just over a quarter( 27 per cent) of males having anxieties about future debts. However, 12- year- olds are particularly anxious about getting into arrears. In comparison, just 16 per cent of girls hold these worries. One in four children in this age group have fears" about future wealth and falling into debt" , while just 19 per cent worried about exams. Some 28 per cent of those surveyed were indicated as holding such concerns, closely followed by 11 to 15- year- olds in the south- west( 27 per cent) .

Furthermore, young people from the north of England were shown to have the largest debt worries. Meanwhile, those children living in the Midlands are most anxious about the affordability of housing. Money matters also were indicated as being of more importance than falling out with friends, with just 15 per cent of children surveyed concerned about disagreements. And should consumers continue to hold concerns about their money management in later life, it may be possible that they struggle to manage various demands on their finances in areas such as personal loan repayments, credit and store cards and household bills. Perhaps unsurprisingly, failing important exams was shown to be causing the most anxiety on to schoolchildren, with just under a third( 32 per cent) revealed to be worried about this. Parents can calm their children s fears on issues such as house prices and concentrate on teaching their children good financial habits such as saving their pocket money.

Commenting on the figures, director of Abbey, Steve Shore Banking, said: "The news is fairly extreme and shows just how much information children absorb. Kids should also be taught about products such as current accounts as this will hold them in good stead for later years and helps teach them to manage their money and spending early. " For those consumers who find that they still have financial concerns as they get older, taking out a debt consolidation loan might prove to be of assistance. In turn, this may leave them with more disposable income at the end of each month. By selecting this kind of loan, borrowers may find that they are able to merge numerous constraints on their spending, such as credit cards and mortgage repayments, into a single low- rate monthly repayment. A consolidation loan might be of particular help to those struggling with household bills after a recent uSwitch study showed that the average water bill is set to rise by six per cent over the course of this year. As such, the typical bill will now cost 330 pounds.