With student loans now a fact of life and targets of 50 per cent of school leavers to attend university in the near future, being in debt will soon be commonplace for young people. Worryingly, we know that many young people have a real lack of financial knowledge.
A survey by the financial experts Sesame this year showed that 77 per cent of teenagers didn't know the price of a pint of milk and believed "being in the red" meant being embarrassed. Royal Bank of Scotland research also showed that 54 per cent of teenagers don't keep track of what they are spending and 46 per cent don't understand the difference between a debit and a credit card.
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