Research Highlights Financial Knowledge Gap Among Scottish Teenagers
March 29, 2017
Teenage Scots on the cusp of adulthood are being urged to learn more about how to handle their money amid concerns that many of them are broadly ill-equipped to do so.
The Money Advice Service (MAS) recently ran an awareness building campaign around these issues in collaboration with Education Scotland with the aim of encouraging young Scots to realise just how important it can be in later life to know how to handle your finances properly.
The government-backed financial advisory body and its partners worked closely with 16 and 17 year olds throughout the country after discovering recently that 31 per cent of them have never opened a bank account.
Around 55 per cent of young Scots in this age bracket were also found to be unable to read a pay slip and a quarter of those who do have a current account said they’ve never actually used it to put money in.
Faced with this worryingly widespread lack of financial familiarity among young Scots, MAS ran a series of events between March 20th and 24th as part of what it called its Financial Education Week.
“This is a real opportunity for us to raise the issues faced by people in Scotland, particularly those of our young people,” explained Yvonne MacDermid, MAS chief executive.
“Financial education isn’t just a ‘nice to have’ but a ‘must have’ and this initiative helps put financial education firmly on the map,” she said.
But while thousands of teenagers in Scotland are clearly in need of some further financial education, much the same can be said of many of their less-youthful counterparts as well.
According to MAS’ research, 45 per cent of parents of Scottish teens don’t feel confident about managing their money and two-thirds say they find keeping up with paying their bills and managing their debts to be a burden.
The Scottish Government, the Lloyds Banking Group and the University of Scotland all helped out in putting together the various educational events that took place as part of the recent Financial Education Week across Scotland.
If you live anywhere in Scotland and you’re struggling to cope with your debts then Scotland Debt Solutions can help. Contact one of our experts today to find out more or to arrange a free and confidential consultation.
If your credit score has been affected by problem debt, you may be looking for ways to start rebuilding it and getting on with your financial future. Whether you are still struggling with your debt or have entered into an official debt management or insolvency procedure such as a Debt Arrangement Scheme (DAS), Trust Deed […]
If you’re worried that the council might take action against you for non-payment of council tax, entering into a Scottish trust deed can be a beneficial step. It stops legal action by all creditors included in the arrangement, and provides a ‘safe haven’ from which to regain control of your finances. As council tax arrears […]
A debt payment programme (DPP) remains on your credit file for six years, along with other default markers and court judgments that have been made against you. This can seriously affect your ability to borrow for this period of time, and longer. Even if you can secure borrowing, lenders are only likely to offer unfavourable […]
If you owe a debt of £5,000 or less, your creditor may send you a Simple Procedure Notice of Claim. This is a relatively new procedure that was brought in by the Scottish government and commenced on 28th November 2016 – their intention being to make it easier to resolve debt disputes. So if you’ve […]
A Bankruptcy Restriction Order may be made against you if it’s believed that you acted dishonestly, recklessly or unlawfully before you were made bankrupt, or during your bankruptcy. Your Trustee will inform the Accountant in Bankruptcy (AiB), and if their suspicions are upheld, a BRO of 2-15 years can be made depending on the seriousness […]
Debt payment programmes (DPPs) are an intrinsic part of the Debt Arrangement Scheme, which allows you to pay off unsecured debt at an affordable rate. If a debt payment programme is rejected by one or more creditors, the DAS Administrator can apply their discretion on whether to approve the plan, after using a test to […]