20080624551 | A quarter of young people suffer mental health problems because of finances, say charities

You are here: Home

News

Headlines

A quarter of young people suffer mental health problems because of finances, say charities

A quarter of 16 to 24-year-olds have suffered mental health problems because of their finances, according to a report launched today (Tuesday 24 June) by Citizens Advice and young people’s charity YouthNet. {mosgoogle left} A quarter of 16 to 24-year-olds have suffered mental health problems because of their finances, according to a report launched today (Tuesday 24 June) by Citizens Advice and young people’s charity YouthNet. The results of the ‘Penny for your thoughts’ report, will shape a programme of financial support by the two organisations on YouthNet’s guide to life for 16 to 24-year-olds, TheSite.org. Financial advice will be made available via online content, podcasts, audio content and on mobile phones. The charities estimate that the project could reach as many as 500,000 young people, ensuring they’re in a better position to manage their money and make informed choices about their finances.

The report, which is being launched as part of a ‘Young People and Finance seminar’ by YouthNet, HM Treasury and the FSA in London this morning, highlights a number of concerning trends in young people’s borrowing and budgeting behaviour.

The survey revealed that one in five of the 16 to 24-year-olds surveyed admitted that crossing their fingers and hoping they don’t run out of money at the end of the month was how they managed their finances. Teenagers said that parents are the first port of call for young people looking for financial help with nine in ten approaching mum or dad for advice. Friends came a close second with 76% and the internet third at 67%. The survey also reveals worryingly low levels of understanding of common financial terms such as APR. As well as helping with basic budgeting skills, the pioneering three year project - funded by £300,000 from the HBOS Foundation - will help young people understand commonly misunderstood terms such as APR, so they can compare credit and understand what a loan might mean for them.Janet Roberts, Grants Manager at HBOS Foundation, commented: “This report highlights the serious strain bad financial decisions can put on people’s mental health as well as on their pockets.

“But it also points out how and where young people want to be supported with their finances. Over the next three years we’ll work closely with Citizens Advice and YouthNet to use the internet to help young people make informed choices about their finances, giving them the information they want, where they want it.

Information on money issues specially tailored to young people’s needs will be hosted in the ‘Money’ section of YouthNet’s young people’s website http://www.thesite.org/ – the guide to life for 16 to 24 year-olds. Audio versions of the same money advice will be available for young people to listen to online or download to their mp3 players.

Set as favorite

Bookmark

Email This

Comments (0) Add Comment