The document summarizes the results of a survey of 651 young people in the UK on their personal finances and financial literacy. Key findings include: 1) Many respondents relied on parents and the internet for financial advice while awareness and usage of financial websites was varied, 2) Uptake of credit products like bank accounts, credit cards, and loans was high but 1 in 5 used no credit, and 3) Debt had negative impacts for many respondents and financial literacy was low, indicating a need for more advice and information.

1. Penny for your thoughts Young people & Finance Research

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5. Respondent demographics 18 - 19 20 - 21 16 - 17 22 - 23 24 - 25

6. The results

7. Money management strategies

8. 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

9. 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)

10. 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)

11. 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)

12. 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

13. Access to credit

14. Awareness of debt I hardly notice it It’s manageable but stressful I’m comfortable with it It rules my life and my wallet

15. Effects of debt Mental health Romantic relationships General health Relationship with parents Academic studies Job Relationships with friends

16. Financial literacy