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Financial advice offered to young adults

24/06/2008

A new website seeks to guide and inform young adults about personal finance matters, it has been reported.

The Financial Services Authority (FSA) has launched whataboutmoney.info, a site that is also designed to break down any barriers that may stop young people learning about money.

Research from the FSA shows that two-thirds of young people are not planning for their financial future – which could lead to debt problems and difficulties in finding a mortgage.

The Personal Finance Education Group (pfeg) has welcomed the website`s launch as a potential benefit to young people who "have to have to make increasingly complex decisions in a very sophisticated world".

"This provides a resource for them which will help guide them through the maze of decisions they might have to make," Wendy van den Hende, chief executive of pfeg, said.

She added that financial decisions may have effects that last "years, if not decades" into the future.

Nearly four out of five (77 per cent) of young people have experienced personal debt, according to a report from YouGov and youth charity Rainer. One in five of those surveyed had owed over £10,000 due to credit cards, loans and overdrafts as well as student loans.

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