Latest news with #SarahPorretta
Daily Mirror
09-06-2025
- 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
01-06-2025
- Business
- Daily Mail
Gen Z say they're 'judged' over how they spend their money - and family are the harshest critics
Almost two thirds of Generation Z said they feel they are judged over how they manage their money, new data shows. Some 63 per cent of 18 to 28 year olds felt the way they spent money was viewed critically, with the majority (39 per cent) of those saying this came from their family members. Another 31 per cent felt judged by their friends, and 17 per cent by people on social media, according to data from Young Enterprise and HSBC. In comparison, just 33 per cent of the overall population said they felt judged over how they spent their money. It is often touted that younger generations splurge their money on avocado toast, flat whites and music festivals. Some do, of course, but many others are doing their best to build their savings and achieve financial security. While just over 40 per cent of Gen Z are actively saving money, only 42 per cent said they feel financially secure, compared with 54 per cent of the general population. As many as a quarter, 25 per cent, of the generation don't think their income is sufficient to meet their daily living expenses, notably higher than 17 per cent for the population as a whole. According to HSBC's data, this comes down to an absence of financial education. Around half of the overall population think a lack of financial education in schools is the reason so many struggle to build positive financial habits. Sarah Porretta, chief executive of Young Enterprise, said: 'The myth that young people are careless with money just doesn't hold up. Gen Z want to be financially capable, but they don't feel supported. 'From chats at the dinner table to scrolling on social media, we need to give young people better tools, better guidance, and a better emotional foundation for managing money.' Just 13 per cent of young people would turn to their school or college to learn how to manage their money, with even social media influencers a more obvious port of call for 22 per cent of the generation. In fact, a fifth said they weren't taught how to manage their money at school, with almost two thirds using their family as their main source of financial advice instead. Natalie Gregoire-Skeete, head of societal purpose and sustainability at HSBC UK, said: 'This research highlights just how important it is that we work together as a society – across public and private sectors and with charities, educators, young people and their parents – to break down the stigma around money and ensure every young person has access to clear, relatable, and judgement-free financial education.' Gregoire-Skeete added: 'Financial habits are formed at an early age, so to be truly effective, financial education needs to start in primary school, and continue on through the various stages of life. 'You are never too young – or too old – to learn new skills and make the most of your money now and in the future.'
