http://www.whataboutmoney.info/
Money made easy for young adults
A user-friendly website from the City regulator offers impartial help to financial novices.
By Chris Pond
Last Updated: 12:46PM GMT 02 Mar 2009
The FSA's new website has advice on subjects such as student finance and budgeting Photo: GETTY
With many people now feeling the pinch of the credit crunch, getting on top of your finances and maintaining a healthy bank balance has never been more important.
It can be a daunting prospect for young adults who may be managing their own finances for the first time, and might not know where to find unbiased financial guidance.
Struggling with the pressures of financial unease themselves, parents of young adults embarking on those first independent steps may have additional concerns about how their children will cope with managing their money.
Research by the Financial Services Authority (FSA) has revealed that 16 to 24-year-olds are the most at risk when it comes to money, particularly with regards to planning ahead and choosing financial products.
A helping hand is now available in the form of www.whataboutmoney.info, a website launched by the FSA in June last year to offer impartial financial information to young adults aged 16-24.
The site forms part of the FSA's National Strategy for Financial Capability, which aims to improve the financial capability of all consumers in the UK. The website encourages young people to take charge of money matters and aims to provide information on the money issues important to them now.
A key feature to help users find information relevant to them is the "life stage guides". These offer tips on getting to grips with money issues affecting young people during the life-changing events they will go through, such as leaving school or going to college, getting their first job or their own place.
Each easily digestible guide outlines the top five need-to-know tips, has a video case study and displays links to further information from other resources.
The site is also divided into pages examining the key financial concerns that young adults face. "Getting money" is split into sections that look at jobs, benefits, starting a business, ways to borrow and manage money responsibly. "Spending money" looks at parting with cash – from getting a phone to running a home.
"Keeping money" helps to make sense of bank accounts, savings and investments, while "Student money" covers the facts about student finance. The "Budgeting tools" section simplifies money management, with links to external resources and applications such as budget and loan calculators, to enable users to monitor and evaluate incomings and outgoings.
The website has also recently been enhanced with "Real life economist" blogs. The "Real life economists" are a group of 16 to 24 year-olds at various life stages that feature throughout the website, providing an insight into the financial lives of young adults in similar positions.
Robyn Cooper, for example, is self-employed – a part-time actress who owns and runs her own small business, while Ian Stuart is a 16-year-old college student. The interactive blog section allows them to share their views on money matters with the website's users, who are then free to post their own comments and responses.
The "Questions & Answers" section outlines the top 10 queries, covering topics such as tax and loans, for simple, quick advice. Users can also send through their own personal queries to which they'll receive a free and personal written response within three working days.
For young adults wanting to know more about current money issues they may face, the "In the spotlight" page provides an update.
The aim is to give users clear-cut information on current topics such as interest rate changes and payday loans and explain how they might affect them. Users will also find a link here to the latest news on firms or products that are regulated by the FSA.
Whataboutmoney.info is an evolving tool for young adults that is being continually improved with new and up-to-date content. The site is an accessible and, more importantly, impartial resource for young adults (and even parents) that could help them to understand better money matters and, in turn, to stand them in good stead for planning and investing in their future.
Chris Pond is director of financial capability at the Financial Services Authorit
http://www.telegraph.co.uk/finance/personalfinance/consumertips/4927132/Money-made-easy-for-young-adults.html
Money made easy for young adults
A user-friendly website from the City regulator offers impartial help to financial novices.
By Chris Pond
Last Updated: 12:46PM GMT 02 Mar 2009
The FSA's new website has advice on subjects such as student finance and budgeting Photo: GETTY
With many people now feeling the pinch of the credit crunch, getting on top of your finances and maintaining a healthy bank balance has never been more important.
It can be a daunting prospect for young adults who may be managing their own finances for the first time, and might not know where to find unbiased financial guidance.
Struggling with the pressures of financial unease themselves, parents of young adults embarking on those first independent steps may have additional concerns about how their children will cope with managing their money.
Research by the Financial Services Authority (FSA) has revealed that 16 to 24-year-olds are the most at risk when it comes to money, particularly with regards to planning ahead and choosing financial products.
A helping hand is now available in the form of www.whataboutmoney.info, a website launched by the FSA in June last year to offer impartial financial information to young adults aged 16-24.
The site forms part of the FSA's National Strategy for Financial Capability, which aims to improve the financial capability of all consumers in the UK. The website encourages young people to take charge of money matters and aims to provide information on the money issues important to them now.
A key feature to help users find information relevant to them is the "life stage guides". These offer tips on getting to grips with money issues affecting young people during the life-changing events they will go through, such as leaving school or going to college, getting their first job or their own place.
Each easily digestible guide outlines the top five need-to-know tips, has a video case study and displays links to further information from other resources.
The site is also divided into pages examining the key financial concerns that young adults face. "Getting money" is split into sections that look at jobs, benefits, starting a business, ways to borrow and manage money responsibly. "Spending money" looks at parting with cash – from getting a phone to running a home.
"Keeping money" helps to make sense of bank accounts, savings and investments, while "Student money" covers the facts about student finance. The "Budgeting tools" section simplifies money management, with links to external resources and applications such as budget and loan calculators, to enable users to monitor and evaluate incomings and outgoings.
The website has also recently been enhanced with "Real life economist" blogs. The "Real life economists" are a group of 16 to 24 year-olds at various life stages that feature throughout the website, providing an insight into the financial lives of young adults in similar positions.
Robyn Cooper, for example, is self-employed – a part-time actress who owns and runs her own small business, while Ian Stuart is a 16-year-old college student. The interactive blog section allows them to share their views on money matters with the website's users, who are then free to post their own comments and responses.
The "Questions & Answers" section outlines the top 10 queries, covering topics such as tax and loans, for simple, quick advice. Users can also send through their own personal queries to which they'll receive a free and personal written response within three working days.
For young adults wanting to know more about current money issues they may face, the "In the spotlight" page provides an update.
The aim is to give users clear-cut information on current topics such as interest rate changes and payday loans and explain how they might affect them. Users will also find a link here to the latest news on firms or products that are regulated by the FSA.
Whataboutmoney.info is an evolving tool for young adults that is being continually improved with new and up-to-date content. The site is an accessible and, more importantly, impartial resource for young adults (and even parents) that could help them to understand better money matters and, in turn, to stand them in good stead for planning and investing in their future.
Chris Pond is director of financial capability at the Financial Services Authorit
http://www.telegraph.co.uk/finance/personalfinance/consumertips/4927132/Money-made-easy-for-young-adults.html
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