Many younger people overestimate their financial awareness before they leave school and home as they live in "protected environments" with few real financial pressures, it has been claimed.
Alistair Mathews, director of policy for educational charity pfeg, explained that this can cause difficulties when they get to university.
He said: "Very few young people are currently getting much in the way of financial education at school – they're arriving at university without much financial education."
Mathews added: "There are so many unexpected and new challenges once you're into university - even weekly shopping is a new challenge, if it's something you've never done before."
Young peoples' perceptions of how well they will be able to manage their finances are rarely married to reality and this can lead to them getting in to financial difficulties, he concluded.
According to a survey conducted by Friends Provident and university admissions body Ucas, 81 per cent of people set to start university in the next academic year claim to be very or quite good at managing money.
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Date: 26th, March, 2008
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