Personal Finances
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24th September 2008

CONSUMER COUNCIL WELCOMES NEW RESEARCH INTO YOUNG PEOPLE AND MONEY

The Consumer Council today welcomed new research from Northern Bank which looks at five to seven year olds and their attitude to money . The research shows that two thirds of these young children are already getting more than £2 per week in pocket money and are making important decisions about money from an early age.

Julie Megrath, Head of Money Affairs at the Consumer Council said: “This research is a welcome contribution that will help us all to understand how young people think about and manage their money.  The Consumer Council also congratulates Northern Bank on the launch of www. moneyville.co.uk - a new website to help children make the right choices about spending and saving.  

“The Consumer Council has established the Northern Ireland Financial Capability Partnership to ensure that we help consumers - including young people - to manage their money well and make it work best for them.  This research will help shape our thinking and our work.

“The Consumer Council’s Chief Executive, Eleanor Gill, sits on the Financial Services Authority’s (FSA) Steering Group which advises on the strategic direction and co-ordination of the National Financial Capability Strategy across the UK.  She will ensure that local research and initiatives like “Moneyville.co.uk” are highlighted to the FSA as models of good practice focusing on young consumers.”

ENDS

  1. Consumer Council media contact: Susie Brown, telephone, 028 9067 4807 or e-mail, [email protected].  
  2. The Consumer Council is an independent consumer organisation, working to bring about change to benefit Northern Ireland’s consumers. The Council campaigns for high standards of service and protection and a fair deal for all. It also carries out research, gives advice and publishes reports and other publications. It deals with individual complaints about electricity, natural gas, coal, passenger transport and water.
  3. For more information, visit our website atwww.consumercouncil.org.uk