Help for youngsters to avoid getting into financial difficulty
Support charities Citizens Advice and YouthNet have teamed up for a project to help young people avoid getting into financial difficulty.
Through new technology, the 2 charities hope to reach half a million youngsters by using via the internet, podcasts and mobile phones.
Moira Haynes of the Citizens Advice Bureau (CAB) said young adults, such as students, are particularly vulnerable to money troubles as they took responsibility for their financial affairs for the first time.
Digital communication is currently the best way to reach the majority of people most let down by modern education, so I’m entirely in favour of this, added Ms Haynes.
Ms Haynes said research has discovered that only one in eight young people would consider going to their local CAB if they are in financial difficulty, young people are more likely to search the internet for advice.
Approximately 600 young people have already been consulted on what kind of information they would want from the scheme, which is expected to include basic definitions of financial terms such as APR and ways to avoid unscrupulous lenders. It is expected the scheme will be launched in May.
The 3-year project costing £300,000 is being funded by the HBOS Foundation, which works with charitable and not-for-profit organisations across the UK.
Janet Roberts of the HBOS Foundation said we funded this programme, working with these two unique and respected charities, so that they can combine their unique areas of expertise and support and advise young people on the whole range of money issues that affect their lives.
The move follows the Government’s plans for more personal finance lessons in schools.
A spokesperson for the Department for Children, Schools and Families, said from 2008, children will be taught how to open a bank account, understand basic financial concepts like interest rates and learn important skills to plan for their financial future as part of an £11.5 million boost to personal finance education.