Young people and Financial Matters : By FSA

FSA Foreword

2003 saw the launch of the FSA’s new Strategy for Financial Capability, signalling a broad re-evaluation of priorities and the way forward for the work of the Consumer Division.
We commissioned this research into young people and their finances as we are increasingly aware of the importance of the 15-19 age group: this is the age at which people generally start to engage with, and take more of an interest in, financial services.  Knowing the key motivations and influences that shape these decisions will prove extremely useful in determining our approach when developing educational resources and policy relating to this age group.  Throughout the report, we have highlighted certain points with particular relevance to FSA financial education work.  We believe that the findings published here will also help inform other organisations involved in providing young people with financial information and advice. Personal Finance Education is currently a non-statutory part of the curriculum for schools. Previous titles relating to young people in this Consumer Research series have been centred on what happens in these formalised settings.  This report looks at what other influences there are on the financial decisions that young people make.