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(EMAILWIRE.COM, June 26, 2013 ) Las Vegas, NV -- Nearly two-fifths of 14 to 25-year-olds were not capable of interpreting the difference between a credit and an overdraw on a bank statement. Furthermore, one out of every eight was unable to explain an overdraft, according to the Barclays and charity Personal Finance Education Group.
The findings were noted in the My Money Week, which seeks to involve organizations on how to school children and younger adults across the UK regarding personal finance.
The survey that came up with the totals looked at over 1,800 young individuals, and found that 48% correctly identified “£200CR” as being a bank statement noting the account was currently within credit. Another 8% surveyed thought an overdraft was a one-off loan from the bank.
Further findings noted that more than a quarter of all young people who were surveyed had no idea that it was better to apply for lower APR rather than higher when looking to attain a loan or receive credit.
The findings now come at a time when the Government is attempting to find a way to get younger individuals more informed regarding personal finance. Plans to pursue stronger financial education as a mandatory part of secondary education is now in the works.
Tracey Bleakley, who sits as chief executive for PFEG stated: “It is clear that many young people are entering adult life with dangerous gaps in their financial knowledge that could lead them into serious financial difficulty.”
“These findings underline the need for all schools to teach their pupils about personal finance, to equip them with the skills, knowledge and confidence they need to manage their money well.”
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