Cryptocurrencies and housing among financial interests of young people, survey finds

Four in 10 young people learn about money from social media.

Cryptocurrencies, investments and housing are among the financial interests of young people identified in a new survey, which also found four in 10 learn about money from social media.

Mobile apps are the most popular way to track finances among people aged between 12 and 20, with 96% saying talking about money is important.

The survey, carried out by Mabs, the money advice and budgeting service, also found more than 80% of young people shop online.

“It is clear from the survey’s findings that young people are engaging with personal financial services from an early age, with mobile apps and social media playing a key role in this engagement,” Mabs found.

“Young people are also interested in a variety of money management topics, including investing, taxes, cryptocurrencies, housing, and funding for third-level education.” 

They also expressed interest in NFTs (non-fungible tokens) and e-currencies.

More than 1,400 people, 86% aged between 15 and 17, responded across 13 counties during Global Money Week 2022.

A question on sources of information about money allowed for multiple responses. Some 40% learn about money via social media but 85% said parents or family members educate them. Schools were selected by 69%.

“The importance of education on money matters taking place in the home environment can have a significant impact on long-term financial wellbeing,” Mabs found.

Mabs, which coordinates Global Money Week, welcomed interactions with schools around financial education, and would like to see this increase.