New research shows the majority of Gen Z and millennials believe they are financially responsible, but want more guidance on budgeting and spending

Klarna launches financial management content hub. Source: shutterstock.com

Over half (52%) of 18-27-year-olds feel they’re more financially savvy than their generation is perceived to be – with 65% planning their finances and making provisions to save for the future, according to new research from leading payments provider Klarna.

But Klarna’s research — of 2,000 UK consumers aged 18-37 conducted independently via Censuswide — also shows there’s a lack of clear, accessible information about money management available to this generation. Faced with navigating the ‘information overload’ of financial products in the market, a significant proportion (69%) of this demographic think the terms and conditions of products are unclear, and two-thirds don’t know which sources to believe or trust.

And although young people are trying to spend and save responsibly, almost half (42%) of 18-27 year olds say they find it difficult to keep track of their outgoings and financial commitments. Budgeting and spending, saving for and buying a house and paying bills are revealed to be the top three areas young people wish they had more help with – and a quarter say they’d appreciate guidance on debt avoidance.

That’s why Klarna is launching its new initiative — Mindful Money, a digital content hub housing tried and tested tips and ideas from hand-picked third-party contributors on managing money and spending responsibly.

Content on Mindful Money will be published under three ‘pillars’ of money management —?Saving, Spending?and?Living.?The opinions stated are not Klarna’s own, but belong to popular personal finance commentators and journalists. Money-making expert Money Magpie and leading journalist Daisy Buchanan are among the first wave of contributors.

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