The financial establishment has failed young people, a new report has concluded.
Entitled Money’s too Tight to Mention: Will the IPOD Generation Ever Trust Financial Services?, the paper is published by think tank Reform and the Chartered Insurance Institute.
It suggests that IPODs – which stands for Insecure, Pressurised, Over-taxed and Debt-ridden 18-34 year-olds – have been pampered, yet left without the tools to cope with the economic crisis.
Government regulation has led to young people being overprotected and caused a culture of irresponsibility, it claims.
The report argues that younger people must be equipped with debt management skills in order to avert a whole generation being left in poverty.
Senior economics researcher Lucy Parsons remarked: “We are potentially more capable of managing our money than previous generations, but we have been let down by the financial establishment and government.”
Recently, the ifs School of Finance stated that education can play an important role in rebuilding confidence in the financial services industry in the wake of economic turmoil.
By Jamie Price