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Start your adult life in the black

FSA Unveil Financial Training Site for Teens

04-June-2008, Writes Dan Drage dan.drage@consumerchoices.co.uk

In an attempt to prevent young adults from starting their life in debt, the FSA has introduced a teen-oriented financial advice site.

The site, What About Money?, is described as a ‘one stop shop’ for information and guidance relating to spending, saving and protecting your money.

Additionally, the site promotes forward planning and budgeting, and incorporates a facility which allows the user to assess where they will be, financially, at each stage of their life.

FSA research indicates 80% of young adults are in debt by the age of 21. When surveyed, over 60% of young adults confessed to paying little regard to their finances.

Chris Pond, Director for Financial Capability at the FSA had the following to say:

‘The What About Money website has been designed with the help of young adults, specifically for young adults, and focuses on the money issues that they themselves have told us they are most interested in’

He continues:

‘What About Money will ultimately help younger people to become more financially capable, both now and when they plan for what they want in the future.’

Similar financial advice targeted at this age group is already available from two other websites run by the charities Citizens Advice and YouthNet.

Chris Eagle, Commercial Manager at Credit Choices, welcomes this timely scheme:

‘With the cost of living on the rise and the credit crunch turning up the heat on UK borrowers, there’s never been a better time for young adults to make themselves more financially aware’

He continues:

‘Child trust funds are also a useful way to financially educate your child before they make their own way into the big, bad world.’

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