The terms "financial wisdom" and "teenagers" are less than complimentary at the best of times. However, it appears that the next generation has sunk to an all-time low of being able to handle their money efficiently.

It seems, from a recent study by the Personal Finance Education Group - a not-for-profit charity aimed at educating teenagers in the area of personal finance - that they aren't as well adapted to future fiscal adulthood as one might hope. In fact, quite the opposite.

One alarming trend displayed that of the more than 1000 teens surveyed, 20% considered that credit cards were a viable option for purchasing more than one could afford. More frightening still, 1 in 20 hadn't even contemplated paying it back.

While teenagers under the age of 18 are not allowed to have their own credit cards, many are securing credit by prepaid cards that parents continually 'top up.' While we slam the teenagers for their incompetence with handling money maybe we should be slapping the hands of parents who also fail to have the financial wisdom to model healthy habits to their children.

Kids learn from their parents and if living in debt rather than saving is upheld in the home, what chance do they have?

One commenter on the Telegraph's article said this;

Surely the answer is to put the credit card companies out of business. Then we might get this country back on its feet.

Sadly, the blame-everyone-else-but-ourselves game is running rife and we would rather chew the ear off our government administrators than the choices we make on a daily basis.

The fact is, if a kid earns $100 per week and loses $20 in tax he only has $80 to spend. But its hard to only spend $80 when you HAVE TO get credit for your mobile phone, buy a debit card for iTunes so you can download all the songs you NEED before the weekend, and update your superseded iPod to the new model. Then the weekend comes and the local McDonald's becomes an essential grazing spot, your friends are all heading to the movies and Sunday's spent in the mall shopping for those MUST have items.

I don't know how they can afford it....honestly!