Financial responsibility 'accepted younger'

Greater numbers of young people are accepting responsibility for their financial circumstances at an earlier age, which could mean they avoid difficulties such as a bad credit rating.

New research from Scottish Widows indicates 47 per cent of Brits do not feel like they are a responsible adult until they are 25.

However, 62 per cent said they felt financially grown up by the time they are 26 and it was noted the younger generation leads the way in terms of planning for the future.

"When it comes to finances we are taking on the full burden of responsibility at an earlier age," commented savings expert at Scottish Widows Catherine Stewart.

"It's hardly surprising that we have all had to adopt a more mature approach," she added, citing the current economic climate as the reason for this trend.

A recent study from Aviva produced similar results, with 89 per cent of those aged between 25 and 35 years in possession of a savings account.

Posted by Gemma Walker