Four-fifths of 18 to 21-year-olds have never created a budget and 31% look to social media influencers for advice, according to Santander UK.
More than a third (35%) of young adults are concerned about their finances on a daily basis, a survey has indicated.
Research among 2,000 18 to 21-year-olds found that 31% look to social media influencers for advice, with 25% of those relying on TikTok.
The survey, commissioned by Santander UK, also found that only one in seven (13%) young adults feel the financial lessons they received in school are applicable to their personal finances.
Four-fifths (79%) have never created a budget, 76% have never paid a bill, and 77% have not set aside funds for unexpected expenses.
William Vereker, chairman of Santander UK, which is planning to launch a financial education programme in 2025, said: “Young people’s understanding and effective management of money is essential in their own lives, but also for wider society and economic growth.
“Empowering them with the knowledge and skills to develop a healthy, resilient relationship with money directly impacts the economic stability of the country, by reducing individual debt, instilling investment habits and encouraging entrepreneurship.”
– The research was carried out by Savanta in October and November.
