April 18, 2024

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MABS survey reveals financial behaviours of teenagers

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One in three teenagers learn about money from social media, with TikTok the social network of choice for most, according to a report from the Money Advice and Budgeting Service.

The survey also reveals that 1 in 10 never save money, and 4 in 5 shop online.

Almost all (96%) of those surveyed believe it is important to talk about money.

‘Money Attitudes and Behaviours of Young People Living in Ireland’ is based on a survey of 1,850 secondary school students in Ireland, aged mainly between 15 and 17.

The report launch marked the close of Global Money Week, an annual worldwide financial awareness campaign for children and young people.

Minister for Finance, Michael McGrath, said, “Financial education is crucial for children and young people to develop essential life skills. I am delighted to launch this report from MABS on the money attitudes and behaviours of Irish young people during Global Money Week. These results give us an important insight into how young people manage, view and spend their money”.

The minister said this type of evidence is very important in designing financial education to assist young people make good decisions about their money which will help them in achieving their goals in life.

“It is also the type of research that will inform the development of Ireland’s first National Strategy on Financial Literacy,” he said. “I am heartened to see the wide range of Irish stakeholders taking part in Global Money Week 2024 through the CCPC’s coordination and wish the participants every success in their work.”

Dermot Sreenan, Business Manager MABS Support, said the report, presents a rich analysis of how young people think and engage with money matters and financial services.

“This is important information in terms of developing evidence-based and impactful social policy submissions in the areas of financial inclusion and financial wellbeing.”

Grainne Griffin, Director of Communications at the Competition and Consumer Protection Commission (CCPC) said financial education has never been more important for young people.

“They’re earning money, spending money and saving money, but unfortunately they’re also being targeted by scams and online misinformation. It’s critical that they’re equipped with the necessary knowledge and skills to make sound financial decisions and ultimately achieve financial wellbeing and financial resilience.”

“This Global Money Week, thousands of young people across Ireland have learnt about everything from savings and taxes to cryptocurrencies and scams, through podcasts, webinars, quizzes, workshops and school visits from the eleven participating organisations.”

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