What’s been happening in the world of young people and personal finance this week? Modern Young Finance looks at some of the best stories.
FTAdviser; Tracey Bleakley; August 15
Six months after the government’s agreement to include personal financial in the national curriculum for secondary schools, Tracey Bleakley. Chief Executive of the Personal Finance Education Group (Pfeg), takes a look at the what has changed 6 months on.
This is Money; Adam Uren; August 1
This piece looks at the pros and cons of saving for a mortgage vs paying into a pension for the average person in their 20s, taking into account the fact that housing is currently more affordable (outside of London) than it has been over the last few years, but also on the pensions side, the fact that you need to start saving early to avoid working until you are 70.
Employee Benefits; Ian Silvera; August 12
New research by pension consultancy Barnett Waddingham has found that young people who delay paying into a pension until middle age could miss out on up to £100,000 in employer pension contributions and tax relief.
The Telegraph; Martin Lewis; August 15
Martin Lewis, the founder of Moneysavingexpert, and financial education campaigner, argues that we should stop referring to student loans as loans, and instead start calling them ‘contributions’ instead, to stop prospective students being put off going to university because of debt worries.
Theguardian.com; Helaine Olen; August 8
Helaine Olen examines the impact that America’s indebtedness amongst young people is having. Effects include a reduction in the number of young entrepreneurs and a fall in the number of young people buying homes and investing for the future. The depressing truth is that these young people are going to be paying off debt until they are in their 50s.
The Wall Street Journal; August 9
WSJ asks experts what the best ways of teaching teenagers (or younger) about investing. Advice includes avoiding ‘buying what you know’, letting them make financial mistakes, and training them while they’re young.
St Catherine’s Standard; August 16
A Canadian study has found that young people saddled with debt are more likely to have high blood pressure and depression. The research of 8,400 young people aged between 24 and 32 found that those with higher debt had a 1.3% increase in diastolic blood pressure.
The Guardian; August 16
Two UNICEF programme managers write about their solutions to the global youth unemployment problem, as far afield as Zambia and Uganda.