Young people in UK don't manage money well, Barclays study finds

Despite an increasing number of options for managing money available to Britons, the country's young don't do very well at the task, according to the results of a Barclays survey.

More than one third of the 1,250 16-24 year-old respondents said they routinely ran out of money, and almost two out of three unemployed subjects said they were always out of funds. Additionally, 33 percent said they believed making purchases on a credit card did not count as spending money.

Given these numbers, Barclays says it will introduce a financial education program for young people, with the goal of helping a million young adults by the end of the year. The bank will partner with youth charities for assistance in reaching the British young people who are at the most risk of getting into permanent financial trouble.

While money management options are growing, experts say, so are the ways in which pounds can be spent. The ability to process online payments makes spending money on the internet effortless.