Future generations ‘will be debt free’

Future generations are more likely to live debt free lives, a new survey has suggested.

Research carried out by NatWest’s Moneysense Panel has discovered that 86 per cent of 12-19 year-olds are already keeping track of their money.

And 39 per cent of the youngsters questioned said they expect to leave university with debts of less than £10,000.

The researchers noted that the recent economic happenings have led children and teenagers to become increasingly aware of money matters.

Head of NatWest MoneySense for Schools Maxine Norris commented: “This will be the first time these young people live through an economic downturn, which may encourage greater realism when it comes to their future financial expectations.”

However, young people still aim to own their own homes, the study showed, as 58 per cent hope to buy a property by the age of 25.

Around 42 per cent of Britons think that money has become more significant in the wake of the credit crunch, according to the Charities Aid Foundation.

By Jamie Price