Young ‘need to plan money’
Article Category: Debt Management Help and Advice
The nation’s youngsters need to plan for their financial future as soon as possible, one charity has said.
According to the Personal Finance Education Group, financial advice aimed at young people is a "very sensible" idea.
Wendy Van den Hende, the charity’s chief executive, said many people do not think about what their life will be like in 40 or 50 years time.
"However, they will be living a very long time and they will need to prepare for a very long future and as soon as they start, the better," she added.
The Financial Services Authority has launched a website designed to be a one-stop-money-information-shop for young adults.
According to research carried out by YouGov and children’s charity Rainer more than three quarters of youngsters have been in debt.
The research found a third of young people have owed more than £5,000 and one in five have had a bad debt of more than £10,000.
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