More than half of young people ‘have been targeted by fraudsters’

About two-thirds of teenagers said the Covid-19 pandemic has made them feel more anxious about money.

11 March 2022

More than four-fifths (81%) of teenagers say they feel anxious about money and finances, a survey has found.

More than half (58%) said they had been targeted by fraudsters, for example being asked for bank details or someone claiming to be from HM Revenue and Customs (HMRC).

More than one in 10 (12%) said they have been asked for their pin numbers and 8% have had their credit or debit card cloned or stolen.

More than 2,000 secondary school pupils between the ages of 15 and 18 across the UK took part in the survey for training body the London Institute of Banking & Finance (LIBF).

The teenagers who took part were from a mix of schools, including academies, state schools, private and independent schools.

Nearly three-quarters (72%) said they would like to learn more about money and finance in school, rising to 85% among 17 to 18-year-olds.

Budgeting, debt, tax and different financial products were among the topics that students would like to find out more about.

About two-thirds (67%) of those questioned said the Covid-19 pandemic has made them feel more anxious about money, including 73% of 15 to 16-year-olds.

Catherine Winter, managing director financial capability at the LIBF, said: “Young people want to be financially resilient, and the impacts of Covid-19 – and the rising costs of living – are all taking their toll.”

One in six (15%) young people said school is their main source of financial education, while more than half (56%) said most of their financial understanding and knowledge comes from their parents.

A quarter (25%) of young people described themselves as “self-taught” when it comes to their finances, the Young Persons’ Money Index annual survey found.

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