the terms of four different loans but 76 percent failed to
identify the cheapest. The young people also predicted
that they would be earning on average
£31,000 by the
age of 25, although the average salary for those aged 22
to 29 is just
£17,815. The teenagers expected to be in
debt when they finished university or training, although
half said that they assumed the debts would be less than £10,000.
Average debts for graduates are
£12,363.
Stephen Moir, head of community investment at the
Royal Bank of Scotland Group which owns Nat West, said.
“The more exposed young people are to financial issues,
and the younger they become aware of them, the more likely they are to become responsible, forwardplanning
adults who manage their
finances confidently and
effectively.”
Ministers are deeply concerned about the financial
pressures on teenagers and young people because of
students' loans and rising housing costs. They have just
introduced new lessons in how to manage debts. Nikki
Fairweather, aged 15, from St Helens, said that she had
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