MARRIAGE? MORTGAGE? LAW & ORDER?..

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MARRIAGE? MORTGAGE? LAW & ORDER? - NO THANKS, SAY BRITAIN'S YOUTH - Britain's children have a more flexible attitude to love, money and the family than many parents may think. The next generation place homeownership, marriage and having children low on their list of aspirations for the future, suggesting that a demographic shift is just around the corner, according to research by financial services provider, Goldfish. The findings indicate that children have their feet more firmly on the ground than we give them credit for. While their lifestyles may be different, their overwhelming aspiration in life is to have a good job (31%). But when it comes to the traditional "anchors of life", only 7% of young people view homeownership as a key aspiration, a mere 5% set marriage as their ultimate goal, and just 6% dream of having "lots of money" in old age. But this practical approach does not appear to extend to planning for the future, and it is a real concern that children will not learn early enough about the importance of financial preparation. The Sandler report into the UK investment and savings market recommended a number of changes, one being a greater emphasis on financial education in schools, which would help address young people's relationship with money in their formative years. New youth research by financial services provider Goldfish asked children aged between 7 and 16 what they would most like to have when they are older: Key findings include: · Job for life? The most important aspiration by far is getting a good job: one in three children (31%) said this is the one thing that they would most like when they grow up, although the UK's long working hours may make them ultimately change their minds. · University of life: Despite the record level of 'A' level passes this year, less than a fifth of children (18%) said that a University degree is a key aspiration, with under a quarter (23%) of GCSE takers stating this is a key aspiration for the future. · Nuclear Family: The traditional family unit has been in decline for some time and this trend is set to continue as today's under-16s have little aspiration to get married (5%) or have children of their own (6%). But although only 10% of kids want to settle down with the right person, this rises to a more romantic 21% for 15-16 year olds. Tellingly, only 1% of the latter age band had marriage as a key goal. A larger proportion of girls than boys said that marriage and children was a significant aspiration for the future (girls: 6% and 7% respectively, boys: 3% and 5%). · Bricks and Mortar: Despite the housing boom and the desperate aim of many to own their home, today's children are not fazed about homeownership, only 7% of children said that this would be their ultimate wish when they are older. · Law and order: Rising crime rates among the young appear to be mirrored in their attitudes to law and order. Only 7% of children would wish not to get into trouble with the police in the future and, interestingly, this drops to 3% for 15-16 year olds as respect for institutions falls. · Money management: The research suggests that the children of the future will have a relaxed attitude to debt, with only 2% of children saying that not owing any money would be something they would most like when they are older. · Silver lining: The future of the state pension may be being debated right now but in 2050, when the kids in this survey are retiring, who can predict what any state support will entail? However, only 6% of today's children said that having lots of money for when they get old and retire is something that they would most aspire to. Boys are perhaps more concerned about funding their later lives than girls (8% vs. 3%). Charlie Herbert, Marketing Director at Goldfish, said: "With recent reports emphasising the high level of pocket money in Britain, it seems that youngsters are used to a regular income and are pinning their hopes on getting highly paid jobs to fund their futures. They appear to want to spend now and let retirement take care of itself. However, the decreased interest in marriage may at least save the cost of an expensive wedding." Hopefully, once the good job has been found, today's kids will think more about planning their finances and saving to have the future they really want." CHILDREN'S ASPIRATIONS WHEN OLDER AGE Have Own a Get Not Not Have Money Hav Settle Univer home Married owe in childr for e a down sity mone trou en retirem goo with Degree y ble ent d right with job person law 7-9 11% 9% 7% 2% 12% 6% 8% 28% 4% Years Old 10-12 18% 6% 6% 3% 7% 7% 6% 35% 6% Years Old 12-14 25 % 4% 4% 1% 3% 5% 6% 34% 11% Years Old 15-16 23% 9% 1% 3% 3% 5% 2% 29% 21% Years Old TABLE TWO CHILDREN'S ASPIRATIONS WHEN OLDER BY REGION REGION Have Own a Get Not Not in Have Mone Have Sett Univer home Marrie owe trouble chil y a le sity d money with dren for good down Degree law reti job with reme righ nt t pers on Scotland 15% 9% 4% 2% 8% 11% 6% 33% 7% North 19% 6% 5% - 10% 10% 7% 21% 12% East North 22% 3% 5% 3% 10% 6% 4% 34% 7% West Yorkshir 24% 6% 6% 1% 5% 4% 7% 37% 7% e & Humbersi de Midlands 21% 9% 5% 1% 4% 6% 3% 28% 8% Wales 29% 7% 2% 8% 5% 1% 6% 22% 8% East 23% 4% 1% 1% 7% 5% 11% 25% 18% Anglia London 14% 8% 5% 3% 6% 8% 5% 35% 10% South 4% 10% 7% 2% 10% 4% 7% 35% 18% East South 10% 14% 8% 3% 5% 2% 5% 30% 11% West Ends FOR FURTHER INFORMATION: Luc Warner Goldfish 01753 492254 Rebecca Ellis- Financial 020 7269 Owen Dynamics 7112 Francesca Financial 020 7269 Patterson Dynamics 7123 ------------------------------------------------------------ This information was brought to you by Waymaker http://www.waymaker.net The following files are available for download: http://www.waymaker.net/bitonline/2002/09/24/20020924BIT00970/wkr0001.doc http://www.waymaker.net/bitonline/2002/09/24/20020924BIT00970/wkr0002.pdf