Contrary to the beliefs held by many of their elders, today’s teenagers are not reckless and irresponsible, but keen to earn money and spend it wisely, according to a study published today.

The ‘Young Lives, Our Future’ study by Norwich Union and leading children’s charity, NCH indicates that not only do the vast majority have bank accounts and part time jobs, they also turn to parents and family for advice when it comes to money matters.

The inevitable flip side of this growing financial awareness is that money – or lack of it – is what most worries teens too.

For youngsters from disadvantaged backgrounds these fears are sharpest of all. That’s why Norwich Union has announced a £1.4 million, five-year tie-up with children’s charity NCH to develop initiatives to support the UK’s vulnerable young people – it’s expected that over 25,000 young people a year will benefit from the partnership.

Central to the initiative is the Norwich Union Fund through which grants of up to £30,000 will be available to NCH user groups or individuals.

One of the more disturbing findings of Norwich Union and NCH’s ‘Young Lives, Our Future’ report was that awareness of contemporary social issues is dropping down the agenda. Over 75 per cent of teens estimated the number of homeless people within the UK as less than 200,000 – the real figure is over 400,000

Other findings of the ‘Young Lives, Our Future’ study are:

• When asked about their main worry for the future the top answers were ‘not getting a job’ (35%) and ‘getting into debt’ (17%).
• Drugs and sexually transmitted diseases were teens' third and fourth concerns respectively.
• Young people see themselves as financially prudent – three quarters say they are ‘very good’ or ‘quite good’ at managing their finances.
• Parents are an important source of spending money but over half of teens get their cash by working.
• Almost nine in ten (88%) of all teens have a bank or building society account of their own and 73% have money saved up.
• A quarter of girls and one in five boys say they are no good at managing their finances – and the majority rely on parents and family for advice when it comes to money.

David Czerwinski, of Norwich Union, said:

“It seems that teens are growing up fast – and this makes them acutely aware of money. It’s nice to know they’re being sensible – even if the pleasure of earning and spending it comes with worries about going short.”

“And because teenagers have to deal with much more at a younger age, the need for support from friends and family is crucial. Three quarters of respondents in our study say they turn to parents first for advice.”

“But this support is often missing for the more vulnerable teenagers who may not have family and friends to turn to. It’s why we are supporting NCH in the work they do with disadvantaged young people.”