New website set up to help young people with finances

By Sarah Engle, Tue 24 Jun 2008 - Published in Banking

A new website aimed at helping young people plan their finances has been welcomed by the Personal Finance Education Group (Pfeg).

The site, www.whataboutmoney.info, which has been launched by the Financial Services Authority (FSA) has been designed to help young adults make money-related decsions.

The chief executive of Pfeg, Wendy Van den Hende, commented: "Young people have to make increasingly complex decisions in a very sophisticated world and often at a very early age. They need all the help they can get."

A study carried out by the FSA found that over two-thirds of young adults do not plan ahead when it comes to money matters.

Research by the youth charity Rainer and YouGov revealed 77 per cent of young people have experienced being in debt.

Approximately 32 per cent owe money on credit cards, 38 per cent regularly use an overdraft and 49 per cent have taken out some form of loan.

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