New research reveals the majority of adults felt most in control of their finances when they started their first job, compared to later periods in life. Yet, a third of parents believe that their children will be less able to manage their money than they are, with a quarter believing it’ll be easier for their kids to get into debt now and in the future.

A fifth of today’s parents said that their mothers or fathers had the most influence over how they manage their own personal finances but 29% say saving is impossible at the current time as they are only just meeting their outgoings. Despite this, almost a third of parents believe that imparting their own experiences can help their children learn and improve their chances.

Parents are concerned that their children will be ill equipped to understand and deal with their own finances because there is simply too much jargon to wade through, increased pressure to spend and not enough practical guidance in schools. The majority of family households now discuss, research and plan how they spend their money together. Six in 10 families (59%) make all their financial decisions together before buying anything.