A new survey has revealed that more than a third of young adults aged 18 to 21 worry about money every single day, raising fresh concerns about financial literacy and support for Generation Z.
The research, commissioned by Santander UK and carried out by Savanta, surveyed over 2,000 young people across the country between October and November 2024. It found that 35% of respondents experience daily financial anxiety, while an overwhelming 93% said they worry about money in general.
Despite these widespread concerns, just one in five young adults (20%) expressed an interest in learning more about managing debt. This reluctance is particularly striking when set against the backdrop of increasing financial pressure and limited exposure to financial education at school.
Less than a third (30%) of those surveyed said they had received any education on student loans during their school years. A mere 12% had been taught about personal loans, while only 21% recalled learning about credit cards.
Mark Weston, director of financial support at Santander UK, commented on the findings: “Debt is an important part of most people’s day-to-day finances. Borrowing money allows people to buy homes, access higher education, and make big purchases. However, it’s crucial that people know the appropriate risk and reward trade-off before making the decision to borrow, to avoid unexpected difficulties in the future.”
The survey results come amid growing concerns about the financial resilience of young people. Separate research published in late 2023 by StepChange Debt Charity found that the average income of its clients aged 18 to 24 is 28% lower than that of the charity’s clients across all age groups. This equates to roughly £490 less per month — a shortfall that could make a significant difference to young people’s quality of life.
There are a number of resources available to support young people in developing stronger financial habits. Most high street banks, including Santander, offer free online tools such as budget calculators and financial health checks. Government-backed services like MoneyHelper also provide advice on budgeting, saving, and debt management.
Young people who find themselves struggling with debt are encouraged to reach out to their lenders or seek guidance from reputable charities and financial services. Acting early can open the door to a wider range of support options and prevent the situation from worsening.
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However, experts say there is a clear gap in the education system when it comes to equipping school-leavers with basic financial knowledge. Many argue that personal finance should be given greater priority within the curriculum.
One 19-year-old student from Manchester, who asked not to be named, said: “We were taught about trigonometry and Henry VIII’s wives — but not how interest rates work on credit cards or how to manage a budget. It’s no wonder so many of us feel lost when we leave school.”
As Gen-Z increasingly faces a cost-of-living squeeze, rising rents, and unpredictable job markets, financial education and accessible support have never been more important. While some may still view money management as something to worry about later in life, the reality is that many young adults are already under considerable financial pressure — and may lack the tools to deal with it effectively.
With the right education and support, there is hope that future generations can be better prepared to navigate their financial journeys — and perhaps worry just a little less each day.
