Young consumers 'will need to focus on careful money management'

The need for young people to manage their money carefully has been highlighted by one expert.

According to the Personal Finance Education Group's (PFEG) chief executive Wendy van den Hende, the current financial climate may be having an impact on the outlook of younger consumers.

She stated: "Young people are going to live for an awfully long time and they are going to need to plan very carefully how they manage their finances."

Meanwhile, the expert also feels that the attitudes of young people towards financial matters may continue to improve if they are provided with coherent money-related education while they are at school.

At the present time, Ms van den Hende suggests that a variety of financial pressures may be affecting young people, such as the need to save up for a mortgage deposit.

Youngsters may be able to avoid issues like credit card debt in the future with the support of the PFEG, with the organisation aiming to improve the financial knowledge of more youthful members of the public.

Posted by Tom Burroughs.