Report sheds light on Cork teenagers’ money habits

A NEW report by South Munster Money and Budgeting Advice Service (Mabs) on the financial habits of 15- to 17-year-olds was unveiled at Coláiste Éamann Rís in Cork recently as Global Money Week came to a close.

Finance Minister Michael McGrath joined Mabs and the Competition and Consumer Protection Commission (CCPC) for the launch of the Money Attitudes and Behaviours of Young People Living in Ireland report which surveyed 1,850 teenagers aged 15 to 17.

The report found that one in three students mainly learn about money from social media, with TikTok the social network of choice for most; over two-thirds of young people in Ireland are building their savings on a regular basis; four in five shop online; and almost all (96%) of those surveyed believe it is important to talk about money.

Tying in with the findings from the new report, the topics discussed at schools across Cork during Global Money Week included needs versus wants, budgeting, saving, borrowing, keeping money safe, and preparing for the financial cost of going to college.

Regional manager for South Munster MABS Ursula Collins highlighted the importance of financial education during a time of high inflation.

“As part of this year’s Global Money Week, our advisors aim to teach good financial habits, including advice on budgeting, saving, and the dangers of gambling,” she said.

“The findings of the report show that young people are learning potentially inaccurate information regarding money from social media, so it is crucial that services like MABS are here to teach the fundamentals of financial awareness and decision-making.”