Norwich Union and children's charity NCH launch five- year £1.4 million partnership Gordon Brown will be delighted – when it comes to money, Britain’s teenagers are more savvy than silly according to a study published today.
Norwich Union and children's charity NCH launch five-year Ł1.4 million partnership
Gordon Brown will be delighted – when it comes to money, Britain’s teenagers are more savvy than silly according to a study published today.
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.
The ‘Young Lives, Our Future’ study by Norwich Union and 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 flipside of this growing financial awareness? It is money – or lack of it – that most worries teens too.
For youngsters from disadvantaged backgrounds these fears are sharpest of all. It’s why Norwich Union has announced a Ł1.4 million, five-year tie-up with leading 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 Ł30,000 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.”
As Gordon Edington, chair of NCH, said: “The new partnership with Norwich Union will help us realise our goal of providing socially excluded young people with the help they need to reach their full potential. The scheme will have far-reaching effects with the 500 projects and over 100,000 children, young people and families currently assisted by NCH.”
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Media contact:
Lucy Hedderwick at QBO Bell Pottinger on 020 7861 2424 or Grant Imlach/Karen Gray at NCH on 020 7704 7111
Notes to editors:
Norwich Union commissioned Brand and Issues to survey 455 13-19 year olds in April 2003.
Norwich Union and NCH are going into partnership to provide socially excluded young people with the help they need to reach their potential.
Norwich Union is investing Ł1.4 million into the partnership over a five-year period. It forms part of a larger Norwich Union sponsorship programme aimed at investing in the future of our children.
NCH helps the children who need it the most and is one of the UK’s leading children’s charities. NCH supports the most vulnerable children, young people and their families so that they have the opportunity to reach their full potential.
The three main areas of activity in the programme are:
- the Norwich Union Fund - NCH users can apply for a grant to help develop skills and participate in opportunities which will help them maximise their potential
- developing support materials to help train the project workers and funding for one-to-ones in which young people aided by NCH project workers tackle difficult issues and are given support in the choices they make about their lives
- staff volunteering - types of project might include DIY support, help with transport or admin, running workshops and giving marketing advice.
About Norwich Union
- Norwich Union is the UK’s largest insurer. It is a leading provider of life, pensions and investment products and one of the leading IFA providers. IFAs provide around 70% of the company’s long-term savings business.
- Norwich Union has strategic alliances with building societies and other leading UK brand names including Tesco Personal Finance and The Royal Bank of Scotland Group.
- Norwich Union’s news releases are available on the Aviva plc website at www.aviva.com/media