Young people are anxious about their financial health and how it can impact their future. We want to produce a series of 365 finance tips for podcast and social media to teach young people the entrepreneurial skills to make the most of their money and grow in confidence as they become independent.
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In 2019 we held a financial literacy session with young undergraduates who all admitted to feeling anxious about mounting debts and worried about their long-term financial health. 18-24-year olds have unsecured debts of £1,460 on average and are the most likely to turn to payday and high-interest loans to make ends meet. Uninformed decisions made in youth can lead to a lifetime of bad money habits, and their concerns are felt even more now as we prepare for a recession in the wake of Covid19.
We will work with young people from Black, Asian, Multi-ethnic and Refugee (BAMER) communities to scale up our digital content production. Together we will create a series of 365 accessible, engaging, bite-sized financial education tips for podcast and social media. These video shorts will educate young people on how they can use their money, tips on starting a business, how the economy works, practical ways to save, the ins and outs of credit ratings, investment options, good debt vs bad debt.