Under-25s offered online help as debts grow
Sunday 08 June 2008
With debt worries mounting for young people, City regulator the Financial Services Authority (FSA) has launched a website designed to help them become more capable financially.
Over two out of three young people aren't planning ahead, research by the FSA has found, and increasing numbers are in debt.
A third owe more than £5,000, according to a report from Rainer, the youth charity.
The website www.whataboutmoney.info aims to show people how to manage their money and become more aware of their financial position.
Aimed at those aged from 16 to 24, it contains different pages for different life stages, such as going away to university, getting a job and leaving home.
The website provides information and tips on how to navigate these transitional times financially. There are also online tools to help with budgeting.
Under the headings 'Getting money', 'Spending money', 'Keeping money' and 'Student money', there is advice on how to borrow, claim benefits, run a home and car, and manage savings – among other topics.
Chris Pond, the FSA's director for financial capability, said: "The 'what about money' website has been designed with the help of young adults, specifically for young adults. It focuses on the money issues that they themselves have told us they are interested in.
"The young adults we worked with told us that a website would be the best way to reach those who most need the information and tools that 'what about money' provides.
He added: "We want to help young adults feel more confident about managing their money and help ensure they believe that money is something they 'can do'."
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