Young people not happy with financial advice

Many young people do not think the financial advice they receive from their parents is helpful, a new survey has shown.

Old favourites such as "money doesn’t grow on trees" do not go down well with this generation, whose financial requirements are thought to be different and more complex than that of their parents’ generation, the research by NatWest revealed.

But many would like to gain better skill son how to manage their money. Some 43 per cent of respondents said they wanted to learn how to organise their finances, while 59 per cent said they would not follow the advice of their parents.

And young people are thought to master new financial services such as chip and PIN better than their elders.

Mark Worthington, head of youth banking at NatWest, said: "The reality of today’s teenagers is that their financial circumstances are much more complicated than that of their parents at the same age.

"They have access to a far wider range of goods and services and are more social in their activities."