Insight 1
Insight 4
Youth observe financial behaviours modelled by people around them, and they are mainly influenced by their peers and families.
When surveying what youths think affect their financial behaviours, they say ...
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20.4% stated that social media platforms from friends and influencers affect them as well
60.2% of survey respondents state their family members have the most influence on them.
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Family financial situation affects youth spending behaviour.
Youth from a lower income family are more pressured to better manage their finances.
“Being the oldest in my family, I had to take care of my brother and sisters. Maybe that's why I’ve always been savvy. In addition, my family wasn't very wealthy to start with.”
-Leticia
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I'm actually struggling to survive. Because, my parents are both working , their pay is not really like very high. So, I don’t expect them to support me, which is why I try my best to work part-time and during school days and get my own allowance.
-Owen
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What about family?
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The way parents handle their finances influences youths behaviour too
" I think they do affect me because when I hang out with them, You just do what they do.
My family just buys a lot of stuff so we don't really think about savings. It affects how I act when I was young.
-Jeslyn
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So.. What's online?
"Seeing people around me doing well in their financial.. when I see my friend buying stuff that is branded, I will be motivated, save up more money, but I just try, but then it doesn't work. "
-Owen
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From the social media platforms, youth observes the financial situations of other youth and they are MOTIVATED
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".. Right now I can see that many of my peers are not being financially literate and are suffering financially. I don't want that to happen to me in the future as well."
-Daron
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"News articles just show you successful young people and make me want to do something with my life. Makes me insecure but also motivated me"
-Jeslyn
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How about their peers ?
They feel that they are negatively affected by their peers.
"sometimes I will go out for drinks with my friends and a lot of money would just fly away like in 1 night. "
-Ryan
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Do you know? A study conducted also mentioned the same insight?
A research paper identified the relationship between financial communication between children and their parents, linking to the children healthy spending patterns.
Research by Serido, Curran, Willmarth, Ahn in 2015 & research quoted Shim 1996.
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Concluding
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