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Daily Mirror
a day ago
- Business
- Daily Mirror
Young Brits issued stark warning as nearly a quarter turn to TikTok money advice
A survey from HSBC UK and the national education charity, Young Enterprise, reveals that Gen Z feel judged about how they manage money, leading some to turn to unreliable sources for financial advice New research suggests that Gen Z feel judged by parents, friends and social media about how they handle their money. Despite a strong digital fluency and desire for greater financial literacy, the younger generation is dealing with low confidence and misinformation when it comes to personal finances. Survey findings from HSBC UK and national education charity Young Enterprise reveals that while half of Gen Z respondents are actively saving, 67% say they feel judged or embarrassed about how they handle their money - predominantly by their family. That compares to 33% of the wider UK population, exposing a generational 'shame gap' between young and older generations. . The survey also highlights that Gen Z does not feel particularly supported in their attempts to become more financially literate, especially by their schools. Only 13% of Gen Z respondents said they would turn to their school or university as a top source for money management education. This lack of formal financial education is leading Gen Z to seek less reliable sources of financial advice. Nearly a quarter of Gen Z respondents say they have turned to social media influencers for financial advice in the last year - almost double the UK average. According to the study this trend is not indicative of financial carelessness, but rather 'reveals the consequences of growing up without reliable financial education'. Sarah Porretta, CEO of Young Enterprise, said: 'The myth that young people are careless with money just doesn't hold up. Gen Z wants to be financially capable, but they don't feel supported…Teachers are doing their best in a crowded curriculum, but they need more support too – we can't expect them to tackle this challenge alone.' Research indicates that parents are paying the price for the lack of formal financial education. According to research commissioned by Moneyfarm, 84% of British parents said that their child would have access to money that they saved for them when they turned 18 - with the average amount being £23,000. While social media is not the most reliable source of financial information, it is helping younger generations fight the stigma about discussing their personal finances. The dying stigma is also enabling Gen Z to make more informed financial decisions, negotiate better salaries and encourage financial equity. Help us improve our content by completing the survey below. We'd love to hear from you! Additionally, a 2025 consumer survey from Intuit revealed 58% of 18-35-year-olds are integrating financial management into their overall wellness routines. The report confirms that the declining stigma actually encourages 'a holistic view of wealth that aligns with personal values and long-term life satisfaction.' But as the research highlights, it is up to more than parents and teens to prioritise financial education. This past March, Conservative MP Peter Bedford brought forward a motion in Parliament to introduce a bill to make provisions around financial education in primary schools and tertiary education. Speaking in Parliament on the issue, Bedford said: "Schools should prepare young people for the adult world. Yet for all the focus on balancing an equation, there is no attention given to balancing one's bank are sending our young people out into the world and putting them into the game of life without even teaching them the rules first."
Daily Mail
15-05-2025
- Business
- Daily Mail
60% of women are victims of the money mansplainers (that's a bit more than half, luv)
They save more cash than men, but six in ten women regularly experience financial sexism by having money matters 'mansplained' to them, according to a survey. A further 62 per cent said they have been interrupted and talked over by a male, who assumed they wouldn't understand a personal finance issue. Despite this, the research found that 57 per cent of women make regular savings or investments compared to just 46 per cent of their male counterparts. Almost half (48 per cent) of women say they have been belittled by a man when giving their opinion, with 54 per cent made to feel they are only interested in spending on frivolous items. Almost a third of women have been lectured on 'how investing works', and 29 per cent have had the opposite sex explain inflation. Shockingly, 45 per cent of men freely admit to feeling they legitimately have a better understanding of money, investing and personal finance than women. Males 'mansplain' money and personal finance to women an average of 11 times a month. Husbands and partners (33 per cent) are the biggest culprits, along with colleagues (31 per cent), fathers (23 per cent) and friends (22 per cent). The survey found 20 per cent of women have had patronising, unsolicited financial advice from male strangers. Work and home (both 40 per cent), social events (29 per cent) and the pub (18 per cent) are the top locations for money mansplaining. Carina Chambers, from digital wealth manager Moneyfarm, who commissioned the survey of 2,000 women, said: 'It is deeply concerning that women continue to face the ingrained assumption they lack the same levels of competence in financial matters as men. 'These outdated notions must be challenged, and an environment fostered where women's voices are valued... and where they feel comfortable asking questions in all financial discussions. 'After all, it is estimated that 60 per cent of the wealth in the UK will be held and controlled by women by the end of this year.' The savviest female savers live in Norwich (64 per cent), followed by Newcastle and Plymouth on 63.
Telegraph
09-05-2025
- Business
- Telegraph
eToro vs Trading 212: Which one should you consider?
Similarities between eToro and Trading 212 The two providers have a lot of similarities. These include: Stocks, ETFs, crypto trading and forex – trading currencies to profit from the sell – are available. Neither charges a platform fee or any trading fees to UK customers when they buy or sell shares. You can open an Isa on either platform. They differ on how the Isas work, however. At Trading 212 investors can choose their own investments, but at eToro the Isa is run by an external provider – Moneyfarm – which offers managed Isa portfolios. Both offer a type of social investing. You can also access a community forum on both platforms, where investors can share news and investment ideas, and browse other posts and conversations. Both charge a foreign exchange fee on trades in certain currencies. Both platforms charge a buy-sell spread on assets. eToro and Trading 212 are regulated in the UK by the Financial Conduct Authority (FCA). They are also backed by the Financial Services Compensation Scheme (FSCS). Advantages of eToro Ideal for both beginners and advanced traders. Customers have access to a wide range of assets – including over 6,000 stocks from 20 exchanges. You can also access investment trusts where other similar trading apps tend not to offer them. Offers comprehensive resources to educate both novices and seasoned investors, with plenty of analysis and data on hand. eToro is considered the industry leader in social investing, offering copy trading. This works just as the name suggests – you find a successful investor, also referred to as 'popular investor', and replicate their trades. Every time they buy or sell a stock you will do the same. You don't need to physically monitor and copy each and every move, as this can be done automatically. eToro allows you to copy up to 100 traders simultaneously. Advantages of Trading 212 Offers an extensive selection of investments with more than 13,000 shares across the major stock exchanges. Fees are highly competitive, with free trades on stocks and ETFs. At the time of writing, its cash Isa pays 5.07pc interest in for new customers for the first 12 months, 4.35pc afterwards – with no account fees, but the rate is variable and may change at any time. Stocks and shares Isa has no account or trading fees – and currently pays 4.6pc on any uninvested cash. It gives investors the option to choose their own investments to hold in their portfolio. Trading 212 offers a variety of ready-made portfolios – known as 'pies' – with different risk profiles (conservative, moderate, aggressive). They are also available by themes, or you can create your very own homemade pie. The Pie Library offers a list of the most popular shared pies so that you can explore a variety of new ideas and replicate any you like the look of. No inactivity fee if you need to take a break. Forex trading comes with a fee of just 0.15pc per conversion. Disadvantages of eToro At eToro you'll pay 1pc for buying and selling Bitcoin. eToro charges a flat $5 withdrawal fee on standard accounts. The fee is waived if you withdraw through an eToro Money wallet or if you're a Platinum-tier (or higher) club member. UK customers can hold their funds in GBP, but when trading assets priced in a different currency (such as US stocks) or when depositing and withdrawing in a different currency (via eToro Money), a currency conversion fee of 0.75pc applies. There is no phone support – customer service is only available on email, online ticketing systems, live chat or Whatsapp. A call can only be booked with an account manager for those with silver tier status – but you must have at least $5,000 in your account for this. Disadvantages of Trading 212 Trading 212 charges a foreign exchange fee of 0.15pc of the value of the trade when buying or selling non-UK shares. Less comprehensive research tools. You can't buy cryptocurrency direct – Trading 212 only offers cryptocurrency trading through Contracts for Difference (CFDs), allowing you to speculate on the price movements of cryptocurrencies such as Bitcoin and Ethereum. There's no phone support. Customer service is only available on email, online ticketing systems or live chat. Only whole shares are transferable, so if you have taken advantage of buying fractional shares it's not possible to transfer your assets to another provider. If you close your account, the fractional shares held in your account will need to be sold. You'll then have to start investing elsewhere through another broker and re-buy your previous positions. However, there is a way you could get around this. For example, if an investor holds 60.2 shares of Apple; to fully transfer out, they would either need to sell 0.2 worth of fractional shares or buy 0.8 shares to round the quantity to 63. Which one is best for you? This depends on a lot of factors – your investing style, how much money you're investing and what kind of services you really value. How and what you invest in will impact your decision. For example, if you're a fan of investment trusts you might be more inclined to use eToro. But if you already invest in funds in a separate platform account this might not be enough to sway you. If you like to invest in overseas stocks, thanks to the low foreign exchange fee, overseas share trading at Trading 212 is very competitive.
Times
06-05-2025
- Business
- Times
How to talk to your children about money (at any age)
Perhaps it is a cliché, but teenagers in the UK are really not very good with their money. More than half say they do not understand how to budget and two fifths are unsure how to save money, according to research by the wealth management firm Moneyfarm. Some even believed that a starting salary after university might be as high as £236,000 (in reality the average graduate salary is between £35,000 and £40,000). It can be tricky for parents to know how to close this gap in financial literacy — but it is worth the effort. The government's Money and Pensions Service says that children and young people who are taught about money are more confident in managing their finances and likely to become active savers later in life. Since money management skills begin developing between ages three and seven, it is important to start early. Starting young For young children, keep lessons about finances simple. Use physical coins and notes to explain what money is, where it comes from and how it works. 'Cash is used less, but it's important that children don't just see money as a beep between a phone or card and machine,' said Lesley Thomas, founder of the Money Confidence Academy. Introducing pocket money for simple chores around the house can help them understand that money does not grow on trees. And letting them decide how to spend it shows that money is not infinite. You might give your children 50p each evening if they put away their toys before bedtime. Each night put the 50p in a jar or mark a sticker chart. By Sunday they'll have £3.50, which they can spend as they choose. Sarah Coles from the investment platform Hargreaves Lansdown said: 'Let them make terrible decisions. It's only when they've spent their pocket money on a magazine that entertains them for two minutes that they'll realise it wasn't the best way to spend their cash.' When your children are a little older, help them open a bank account. You can pay their pocket money into it and look at the statements together as a mini lesson. Kamilah Hale clearly remembers opening her first bank account. She was seven but can still picture walking into the branch and sitting at the table while staff gathered the documents. 'I had a lot of family abroad and would be sent money for Christmases and birthdays, so my mum said we needed to open an account and talked to me about interest,' said Hale, now 36, from Bromley in south London. It was one of many money lessons she remembers. Hale now sees these moments as key to becoming a committed saver and financially independent — she bought a property on her own at 28 and paid off the mortgage by 35. Hale, the founder of a tutoring company called Kin Learning, said there was an unspoken rule that if an item was not a gift for Christmas or a birthday, and it was a want not a need, then she had to buy it herself. It made her think carefully about how much she wanted something and what it was worth. 'By the time I was 11 I was looking at my statements and seeing how much 'free money' I had. When I was 12 I bought my first mobile phone and was responsible for paying the credit on it,' she said. At university Hale was already saving for a house deposit, working part-time and budgeting carefully. Over a decade she saved £70,000 and bought a flat in Bromley aged 28. She overpaid her mortgage every month and started paying off larger chunks once rates rose in 2022. Last year she became mortgage-free. 'It all comes from the way I was taught and raised,' said Hale. 'The downside is that when I want to splurge on something I find it really hard. Now the mortgage has been paid off, I'm trying to loosen up a little.' Talking with teenagers Appropriate topics for teenagers include budgeting basics, savings accounts and online spending, such as subscriptions, in-app purchases and scams. You can also introduce longer-term saving goals, like a phone or concert tickets. Kamalyn Kaur, a psychotherapist, suggests getting started by asking for their opinion on financial decisions. She said: 'Let them know you have money for this or that, and ask them which is more important. If you're planning a holiday, you could tell them you have the money for four days at Disneyland or two weeks in Spain. 'This shows that there isn't an infinite amount of money, and that different things cost different amounts.' Estelle Keeber does this with her two teenage sons, aged 14 and 16. Most recently the topic was television — she doesn't pay for live TV, which means the boys can have streaming services instead. 'They understand that the money we save from not paying for Sky or similar means they can have Netflix,' she said. • Keeber, 42, from Leicestershire, wants her sons to be self-reliant. They help around the house but earn more pocket money for certain chores. When energy bills rose, she explained that the cost of living might increase but that incomes don't always rise to match it. 'My youngest loves to run a full bath every day, so I told him how much that costs and that he probably didn't need to do it daily,' said Keeber, a social media expert who runs a company called Immortal Monkey. When her 14-year-old needed money for a trip, he asked neighbours if they needed gardening services. After weeks of mowing lawns and weeding, he had saved more than £300. 'They're old enough now that I can relate things to the real world. My youngest loves to save, my eldest often taps him up for a £10 loan. When the youngest pointed out that he wasn't getting anything from the deal, we talked about interest and how that works with banks,' Keeber said. Teenagers often face peer pressure when it comes to spending, so it is important to talk to them about the risks of overspending and how budgeting can help them resist an urge to splurge. Louise Hill, the founder of the children's finance app GoHenry, said: 'I like the save first, spend later principle — it's a good way to remind your child that saving now can drastically increase their money in the future.' At university When your child leaves home they will face real-life financial consequences — possibly for the first time in their lives. Coles said: 'Talk to them about budgeting. Drawing up a budget is boring, but having money at the end of the month isn't.' Make the budget engaging by chatting about their new life as you build it. Suggest setting up a separate account for bills and essentials. Since maintenance loans are paid three times a year, work out how much to transfer at the start of each term. • How to talk to your kids about money — Deborah Meaden's advice Have a serious discussion about debt. Lisa Davis, from the Money and Pensions Service, recommends explaining credit scores and how debt decisions now can affect their ability to borrow in the future. She said: 'As students it's easy to dip into your overdraft, but it's a habit best avoided early.' If you have been saving into a Junior Isa, this is likely to be when they will access it — use this as an opportunity to show how the money has grown and to answer any questions about investing or the stock market. Young adulthood … and beyond Once your children are in their late twenties or early thirties you will probably talk less about daily budgeting and more about long-term planning and wealth building. 'This is where decisions start to really shape their financial future,' said Thomas. 'Pensions, mortgages, credit scores, insurance — they all need to be part of the conversation. And mindset matters too. A lot of adults feel 'bad with money', but conversations now can make the difference between financial stress and strength.' Ask about their workplace pension — can they afford to contribute more? The default rate may not build a large enough pot for retirement. If they're saving for a home, discuss options for the deposit. Sharing your own experiences, including financial mistakes, can make a huge difference to how your child feels about money and head off any feelings they may have of guilt. Emphasise the importance of having an emergency fund and the risks of living hand to mouth. Adult children may not be particularly grateful for their parents asking questions about their finances — you might try recommending a podcast or book on money and finances so that the advice does not come directly from you. But, however awkward, these conversations are worth having. 'Silence leaves space for confusion, shame or false beliefs picked up from social media or peers,' said Thomas. 'If we don't teach them, someone else will.'
Business Times
30-04-2025
- Business
- Business Times
Europe: Stoxx 600 clocks second consecutive monthly loss hit by tariff woes
[BENGALURU] European shares closed higher in a volatile session on Wednesday (Apr 30) as investors assessed key data around the world and corporate earnings, ending a sluggish month marred by US President Donald Trump's erratic tariff policy. The pan-European Stoxx 600 index closed 0.5 per cent higher on Wednesday, helped by a 1.3 per cent rise in healthcare stocks. The benchmark index marked its second consecutive monthly drop, however, falling 1.3 per cent. Energy was the worst-performing sub-index for April, down 10.2 per cent, as the uncertainty around global growth eroded the outlook for oil demand. The Stoxx 600 has recouped more than half of its losses after tumbling nearly 18 per cent from record highs earlier this month, on signs of the White House's willingness to ease trade tensions. Earlier this week, Trump softened the blow of his auto tariffs, with Commerce Secretary Howard Lutnick saying the president had reached one trade deal with one foreign power. 'There's scope for a gradual softening from where we were after the announcement on Apr 2nd,' said Richard Flax, chief investment officer at Moneyfarm, but pointed out that tariffs would inevitably be 'higher than we had three months ago'. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up On the day, rate-sensitive real estate stocks jumped 1.1 per cent as euro zone government bond yields dropped after a mixed batch of economic data both in Europe and the US. Gross domestic product decreased at a 0.3 per cent annualised rate last quarter in the United States due to higher imports before the import duties kicked in. But the euro zone economy grew faster than expected in the first quarter while inflation declined, starting 2025 on an upbeat note before successive blows from the US trade war, a surging euro and deteriorating sentiment. Earnings outlook improved, with estimates showing an average drop of 1.7 per cent in the first quarter, better than the 3.5 per cent drop expected a week ago, according to LSEG data. Societe Generale rose 3.7 per cent after the French bank reported stronger-than-expected first-quarter earnings. Danish logistics group DSV advanced nearly 7.8 per cent after it completed a deal to acquire Germany's Schenker and provided an outlook on potential benefits from the transaction. On the downside, Glencore fell 7.3 per cent after the miner and trader reported a 30 per cent drop in copper production in the first quarter. Evolution slumped 19.3 per cent, the worst individual performer on Stoxx 600, as the Swedish gaming technology company reported its first-quarter earnings below estimates. German carmakers Mercedes and Volkswagen suspended and cut guidance amidst uncertainty over US tariffs. Their shares were down 2.7 per cent each. REUTERS
