Young people offered help for money worries
Teenagers and young adults will be taught essential money management skills as part of a £90 million government campaign.
Charity LifeLine is launching a new initiative, called Young People and Money, to help people avoid getting into debt. It plans to train up to 20,000 advisers to provide personal finance and money management advice to unemployed young people across the UK.
It hopes that teaching young people these essential life skills will enable them to avoid debt and encourage them into work, education or training.
The project is part of the financial services' £90 million Financial Capability Strategy.
Research by the Personal Finance Education Group shows that 90% of young people worry about money and see overdrafts and credit cards as ways to spend more than they earn or buy things they cannot normally afford.
And a recent survey by NatWest found that 43% of teenagers believe they’ll leave university with less than £10,000 in debt, while 31% do not believe they’ll ever need to borrow at all.
Moneywise believes that many young people have a lax attitude to money because they are not taught the basics of personal finance at school. We are currently petitioning the government to introduce personal finance as a standalone subject to the National Curriculum so that the next generation gets the opportunity to learn how to manage their money at a young age.
Maxine Wrigley MBE, a former care leaver and chief executive of youth charity A National Voice, said: “In my experience of working with young people, helping them to take more responsibility for their money is the only way we will all be able to head off a serious debt crisis for today’s young people tomorrow.”