Are young people in the UK growing up clueless about personal finance?

Boy with calculator

Young people are lacking in financial skills

A new joint survey by Barclays and charity pfeg (Personal Finance Education Group) has indicated that young people in Britain are entering adult life with disconcerting gaps in their financial knowledge, relating to bank statements, overdrafts and interest on loans.

The survey findings, which were released to mark the start of ‘My Money Week’ (3rd-9th June 2013), showed that around one in eight of under 25s did not know what an overdraft was. Even more worrying, 42 per cent could not interpret the difference between being overdrawn and in credit, when looking at a bank account statement.

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