According to the latest research, more that half of Brits in their late 20’s and early 30’s believe their parents are to blame for their financial problems due to not teaching them how to handle their personal finances effectively. This study comes on the back of the news that financial management will be introduced to the national curriculum, and the adults who took part in this survey say it should have been done years ago.
The study was carried out by Axa’s Vig Money Index, and it is a wide ranging study that comprehensively examines both the intentions and trends of today’s consumers. The debt fuelled boom and bust that has occurred in the past decade has highlighted how incapable many of us are of managing our personal finances to a decent level. Between 2000 and 2008 consumer debt went from £600bn to £1.45 trillion, and remains at that level still.
It was last month after increasing pressure from campaigners that the Government finally announced that they would be bringing financial education into schools and that it would be embedded in both citizenship education and maths. The report from Axa has also served to highlight the extent to which British households have been hit by the current economic turbulence which has gone on for longer than anyone predicted.
One in four Brits have found themselves having to make major changes to their lifestyle during the coming year, ranging from downsizing their home to forgoing holidays and selling their car. Other sacrifices which are being considered are taking children out of private schools, and delaying marriage, having children and retiring.
Another surprising result of the survey is the change in shopping habits of the ‘wealthy’, with more than ever turning to pound shops to pick up some bargains and turning their back on the higher end supermarkets to shop at Lidl, Aldi etc. It seems that they would rather do this than give up treats such as having a cleaner, drinking alcohol, having satellite TV and eating out.