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Article Title: Schooled by Our Mistakes: The Younger Generation's Safer Approach to Savings
Author: Isla Campbell
Category: Finance RSS
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Schooled by Our Mistakes: The Younger Generation's Safer Approach to Savings <br> Article By: Isla Campbell <br><br> Within a healthy economy, there exists a fine balance between the amount that credit providers lend and the amount that consumers spend. This balance between lending and spending has, as the recent credit crunch proves, been a little wobbly in recent years. The larger amounts of credit loaned by banks and building societies combined with a generation of consumers insistent on living beyond their means has led to a backlash against the economy, leaving the providers with no other option but to limit their lending and tighten the criteria that determines who is viable for credit. As well as the credit providers becoming stricter with their lending, there is also set to be a positive shift with regards to consumer spending. Recent studies show that because of witnessing so many people in debt and struggling to cope with the credit crunch, and because of their own student debts piling up, the younger generation are becoming more attuned to the importance of financial planning and saving for the future. Research has shown that saving is a greater financial priority for 18-34 year olds than for over 55s, and one expert, Emma Byrne, went as far as to suggest that the mass consumerism and the have-it-all approach to life that people have had in the past is now fading, and that saving is sexy again. According to further research carried out by The Children's Mutual, specialists in Child Trust Funds, even the nation's teenagers are wising up to the importance of financial awareness, and are in fact getting better with money than even their parents realise. The Trust Fund Generation report, prepared by the Social Issues Research Centre, concluded that a majority of parents were fearful that, given the opportunity, their kids would blow a large sum of money received for their eighteenth birthday, 42% predicting a massive spending spree for material goods, and a further 19% believed that their kids would blow the money on just having fun. Surprisingly, however, the results of the survey also showed that, despite their parents' lack of faith in their children's financial awareness, over half of youngsters would in fact use the money wisely, with the majority seeking some form of financial investment, while others would seek to improve their education or put a deposit on a house (both wise investments in themselves). With suggestions in parliament backing better financial teaching in schools, the younger generation already comfortable with finding the best <a href="http://www.barclays.co.uk/internet-savings.html/">Internet savings</a>, an older generation experiencing record levels of personal debt, and credit providers trying to learn from their mistakes, the financial future seems bright for Britain's young savers. Disclaimer: This article has been written for information and interest purposes only. The information contained within this article is the opinion of the author only, and should not be construed as advice or used to make financial decisions. Expert financial advice should always be sought and any links contained within this article are included for information purposes only. <br><br> Original Article URL: <a href='http://www.myfreearticlecentral.com/Article_12197_Schooled-by-Our-Mistakes-The-Younger-Generations-Safer-Approach-to-Savings.aspx'>Schooled by Our Mistakes: The Younger Generation's Safer Approach to Savings</a> <br><br> Isla Campbell writes on a number of topics on behalf of a digital marketing agency and a variety of clients. As such, this article is to be considered a professional piece with business interests in mind. <br><br>



Plain Text Version:
Schooled by Our Mistakes: The Younger Generation's Safer Approach to Savings Article By: Isla Campbell Within a healthy economy, there exists a fine balance between the amount that credit providers lend and the amount that consumers spend. This balance between lending and spending has, as the recent credit crunch proves, been a little wobbly in recent years. The larger amounts of credit loaned by banks and building societies combined with a generation of consumers insistent on living beyond their means has led to a backlash against the economy, leaving the providers with no other option but to limit their lending and tighten the criteria that determines who is viable for credit. As well as the credit providers becoming stricter with their lending, there is also set to be a positive shift with regards to consumer spending. Recent studies show that because of witnessing so many people in debt and struggling to cope with the credit crunch, and because of their own student debts piling up, the younger generation are becoming more attuned to the importance of financial planning and saving for the future. Research has shown that saving is a greater financial priority for 18-34 year olds than for over 55s, and one expert, Emma Byrne, went as far as to suggest that the mass consumerism and the have-it-all approach to life that people have had in the past is now fading, and that saving is sexy again. According to further research carried out by The Children's Mutual, specialists in Child Trust Funds, even the nation's teenagers are wising up to the importance of financial awareness, and are in fact getting better with money than even their parents realise. The Trust Fund Generation report, prepared by the Social Issues Research Centre, concluded that a majority of parents were fearful that, given the opportunity, their kids would blow a large sum of money received for their eighteenth birthday, 42% predicting a massive spending spree for material goods, and a further 19% believed that their kids would blow the money on just having fun. Surprisingly, however, the results of the survey also showed that, despite their parents' lack of faith in their children's financial awareness, over half of youngsters would in fact use the money wisely, with the majority seeking some form of financial investment, while others would seek to improve their education or put a deposit on a house (both wise investments in themselves). With suggestions in parliament backing better financial teaching in schools, the younger generation already comfortable with finding the best Internet savings [http://www.barclays.co.uk/internet-savings.html/], an older generation experiencing record levels of personal debt, and credit providers trying to learn from their mistakes, the financial future seems bright for Britain's young savers. Disclaimer: This article has been written for information and interest purposes only. The information contained within this article is the opinion of the author only, and should not be construed as advice or used to make financial decisions. Expert financial advice should always be sought and any links contained within this article are included for information purposes only. Original Article URL: http://www.myfreearticlecentral.com/Article_12197_Schooled-by-Our-Mistakes-The-Younger-Generations-Safer-Approach-to-Savings.aspx Isla Campbell writes on a number of topics on behalf of a digital marketing agency and a variety of clients. As such, this article is to be considered a professional piece with business interests in mind.

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