Edinburgh Research Explorer

Young Adults Financial Capability

Research output: Book/ReportCommissioned report

Original languageEnglish
Place of PublicationLondon, UK
PublisherMoney Advice Service
Commissioning bodyMoney Advice Service
Number of pages47
StatePublished - 2 Sep 2016

Abstract

This report builds on the Money Advice Service (MAS) UK Financial Capability Survey (2015). It specifically explores the
‘young adult’ lifestage in relation to the Financial Capability Strategy Framework to better understand the ability of young
adults in managing day-to-day finances, planning ahead and negotiating financial difficulties. To date, young adults have not
been a key focus of policy and recently MAS has highlighted that many young adults feel they experience financial difficulties
in taking responsibility for their own financial management. This report explores young adults’ financial capability in detail via
a ‘deep dive’ into the survey data which encompassed 744 young adult respondents from across the UK between the ages of
18 and 24. In parallel, five focus groups were commissioned to challenge and further understand the nuances of the
quantitative data. The focus groups comprised nine males and 14 females between the ages of 18 and 241 years from a
variety of educational, work and domestic situations. Data analysis addressed the following key areas:
n financial goal-setting and planning;
n confidence in managing money day to day and making financial decisions;
n engagement and barriers to engagement; and
n opportunities to help support young adults’ financial capability in the future.

Research areas

  • young adults, financial socialization, financial capability

ID: 28340768