New research has revealed that almost half of young Britons believe that the economic crisis has made it impossible to for them to save money and ‘grow up’ effectively.
It was found that that a staggering 44% of young men and women believe that they are stuck in financial adolescence as they cannot afford to achieve the life goals they aspire towards due to a lack of funding.
The research by Skipton Building Society highlighted that many have important financial goals, but are increasingly unable to achieve them.
The study of 2,000 individuals highlighted the prospect of owning a property, keeping track of interest rates and getting married as key signs of being an adult.
Almost one in six people surveyed felt that an individual’s personal finances needed to be in order for them to be classed as a ‘real’ adult.
The impact of the credit crunch on an entire generation of youngsters has left them unable to keep control of their finances.
The research uncovered the top 50 indicators of being a ‘grown up’ and these included owning a lawn mower and budgeting every month. However, cash-strapped youngsters are failing to keep spending habits under control.
Tracy Fletcher, from Skipton Building Society, explains the issue: “These findings are a stark reflection of contemporary Britain, and the impact (which) the aftermath of the global financial crisis is having on our most basic expectations.
“The inability to complete rites of passage as basic as standing on their own feet financially, and owning their own home, is effectively infantalising people and leaving us with a generation of who remain teenagers into their late 20s.”
The research found that the majority of people don’t feel like a grown up until they reach the age of 26, leaving a number of people in their teens and early 20s financially clueless when taking their first steps into adulthood.
Owning a property topped the poll as two thirds of people classify this as the single most important mark of adulthood. The second key sign of being an adult is no longer relying on mum and dad to make financial decisions
There is a wide range of tools available to help young people manage their money for future financial security. A prepaid card is a sensible option for both young men and women.
By loading a set amount onto a prepaid card, there is no danger of over-spending or acquiring debt. This allows them to set a strict budget and easily take control of their finances without the help of mum and dad.