A report by the Prince’s Trust and the Royal Bank of Scotland (RBS) has found that the number of young people claiming unemployment benefit has soared – costing the economy £155 million a week. The number of 16 to 24-year-olds claiming jobseekers allowance escalated from 5,840 in 2008 to 25,800 this year, according to the [...]
Young people are plunging themselves into unmanageable debt because they not being adequately educated on how to handle their finances, moneysupermarket.com has claimed. The price comparison site said the failure of Britain’s schools to offer education on money matters is putting a generation of young people at financial risk. “Financial education has been on the [...]
Young people are risking their financial future by opening multiple current accouts to maximise their access to overdraft facilities, according to a new report. Research by YouGov, on behalf of Callcredit, found that nearly one in ten (9%) 18 to 24 year olds have three or more current accounts in their name with an overdraft [...]
Mobile phone operator O2 this week announced a £5 million project offering cash-in-hand grants to young people who plan to make a difference in their local communities. The three year programme, Think Big, will allow 13-25 year olds to apply for a £300 grant to fund projects designed to address local problems as identified by [...]
The Office for National Statistics (ONS) has today revealed that unemployment grew by 210,000 to 2.47 million in the three months to July – the highest level since 1995. The latest figures take the unemployment rate to 7.9%, up from 7.8%, according to the ONS. Meanwhile, the number of people claiming jobseekers allowance increased 24,400 [...]
The government has announced plans to create 47,000 new public sector jobs in a bid to curb unemployment among school and university leavers. The jobs, which include sports coaches, tree planters, teaching assistants and carers, will be aimed at 18 to 24 year olds who have been out of work for at least 12 months. [...]
The Office for National Statistics has today revealed that UK unemployment rose by 281,000 in the three months to May – the biggest quarterly rise on record. Unemployment in the UK has now reached 2.38 million – the highest since 1995, while the unemployment rate is up to 7.6% – the highest in over a [...]
Two documentary-style short films released this week aim to educate young people on how to avoid the debt trap. Produced by the Citizens Advice Bureau (CAB), the films were created in response to recent research highlighting the detrimental effect that debt worries have on the lives of young people. The study by YouthNet found that [...]
New research from the Chartered Institute of Housing (CIH) shows how the recession and credit crisis are affecting the British obsession with property ownership. According to the CIH, which represents public and private sector bodies involved in housing and communities, young people who have seen once out-of-reach house prices tumble, are particularly disillusioned. In a [...]
A survey commissioned by the BBC has revealed that saving for a pension is not a top priority for many UK adults. The report revealed that half of adults in the UK aged between 20 and 60 are not putting anything towards a pension with the situation being worst for those under the age of [...]
A growing number of young adults are living with their parents to save money during the credit crunch. A survey by Abbey Mortgages found that one in five 18-24 year olds either moved back in with their parents or put off plans to leave home last year. These ‘baby boomerangers’ – totalling more than a [...]
A new website has been launched by the Financial Services Authority (FSA) which offers financial information for young adults. The website, www.whataboutmoney.info, has been designed to give guidance about obtaining, saving and spending money. Research by the FSA has established that two-thirds of young people are not planning ahead and 80% of young people are [...]
M&S Money launches 3% cash ISA
M&S Money has launched an Advantage Cash ISA paying 3 per cent, and which allows transfers in from other ISAs. It can be opened with a minimum deposit of £100 lump sum followed by minimum monthly deposits of £25. The 3% rate is variable, but there is no short-term bonus so the return won’t plummet [...]
Google suspends UK Compare Mortgages site
Google has closed its UK mortgage comparison site which it launched in July last year, after it proved to be less popular than expected. Mortgage comparison sites are designed to allow visitors to compare mortgages quickly and easily without having to visit each lender’s individual site. Google was competing with several well-established comparison sites, including [...]
AA launches ‘black-box’ policy for young drivers
The AA is launching an innovative car insurance policy called Drivesafe which could help younger drivers save up to £850 a year. Younger drivers already pay substantially higher premiums than other motorists and these costs are increasing. A new study by Confused.com suggests insurance costs for younger driver have gone up by 5.7 per cent [...]
ATOL scheme updated to protect online bookers
ATOL, a financial protection scheme managed by the Civil Aviation Authority, is being extended to protect up to six million more holidays a year. The scheme ensures that holiday makers do not lose out financially if a travel company collapses, and that they are not stranded abroad. An increase in the number of holidays booked [...]
Home repossessions lowest for four years
The number of UK homes repossessed fell to 36,200 in 2011, significantly below the Council of Mortgage Lenders’ forecast of 40,000, and lower than 2010 when 37,100 homes were repossessed. With interest rates remaining low and lenders adopting a sympathetic attitude to customers in financial difficulty, repossessions fell to their lowest level since 2007. However, [...]
Monthly pay lasting just 17 days
Workers are running out of money just 17 days after receiving their monthly pay, according to new research by the Halifax bank. This means that the average UK worker spends half the month worrying about money. The study, based on the responses of more than 2,000 adults, found that 10 per cent of workers start [...]
Women disadvantaged by auto-enrolment changes
Government proposals to increase the auto-enrolment threshold to £10,000 could put 1.8 million women at risk of missing out on a pension, the TUC has warned. Under the auto-enrolment scheme, which will be phased in from October, private sector employers will automatically enrol workers between the age of 22 years and the state pension age, [...]
Emergency household repairs company Homeserve is taking longer than expected to get back on track after its operations were suspended last October. The company expected customer numbers to fall by 5% this year but it has increased this estimate to 8% and announced the loss of 200 jobs. It estimates that renewal revenue in 2013 [...]
Sale rumoured for Yorkshire and Clydesdale banks
There is growing speculation that National Australia Bank (NAB) may sell Yorkshire Bank and Clydesdale Bank after the Australian parent company announced a strategic review of the two banks’ operations. The Australian economy is performing well and NAB reported strong profits for the final quarter of 2011 but with the UK economy at a virtual [...]
More women experiencing debt difficulties
Women in Debt, which offers female-focused debt advice, has warned that the number of UK women facing serious debt has grown significantly over recent years. The organisation believes that more women will need advice on solving debt problems in the future because they are building up an unsustainable level of indebtedness. Women in Debt’s director, [...]
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