Brits typically start worrying about money when they are 26, CYBG’s digital banking service B has found.
The main trigger for worrying about money is the experience of starting a first job, followed by either buying or renting a property.
One in five 18-24-year-olds (18%) said their mental health is suffering due to the amount of debt they have already built up, while more than a quarter (28%) fear they will run out of money and won’t be able to afford basic living costs.
Helen Page, group innovation director at B, said: ‘‘People find it hard to talk about money and spending – this is one of the last taboos in our ‘tell all’ society.
“At B we are encouraging people to open up and face their spending secrets. We no longer save up for things and it’s all too easy to click ‘buy’ and worry later.
“As the research has found this approach shores up stress and anxiety. Starting out on your first job should be an exciting moment – not a trigger to start worrying about how to manage your finances.
“Clearly we should be doing more to educate young adults so they feel better equipped to manage these big life moments and adopt a positive attitude towards money.”
Just under a quarter of millennials blamed the impact of technology for creating a ‘buy it now’ culture that makes keeping track of their spending difficult, while 14% fear they are addicted to spending.
A third (33%) believed financial education should happen at primary school age (7-11), while half believe it should happen at secondary school age.
Despite the majority (83%) agreeing financial education should start at school, 65% are not aware government-funded secondary schools in the UK are already required to teach pupils about personal finance.