Although young people get more stressed about money than anything else, they are generally relaxed about their mortgages according to the Nationwide Building Society.
In a Society survey of attitudes to money matters, fewer than 1% of people aged 16-24 cite their mortgage as their main cause of financial stress. Nationwide found that this figure does not rise steeply with age. Only 3% of 25-44 year olds report that mortgages worry them more than other money matters.
Nationwide believes avoidance could be a key factor in causing stress about money matters. One in five people under the age of 25 avoid switching current or savings accounts to take advantage of better deals, a further 20% avoid reviewing their finances, and 18% delay arranging a pension.
Stuart Bernau, executive director at Nationwide, said: “To some, these figures will not be surprising and maybe it is a reflection of the lack of financial education in our schools.”
He continued: “The truth is that not enough young people are confident about managing their finances and this can lead to poor product selection and the failure to plan for the future.”
The main concern for the over 55s is having an adequate pension. Around 40% of this age group are concerned about providing for their retirement, compared to only 4% of people under the age of 25.
