Young people's widespread debt targeted

Young people are to get more help dealing with financial problems from the financial regulator.

More than two-thirds of young people are not planning ahead and 77 per cent of young people are in debt by the age of 21.

A fifth of young people now owe over £10,000.

The Financial Services Authority (FSA) is now launching a new website to help young people solve their financial woes.

The site – www.whataboutmoney.info - has been designed to break down the barriers which may be preventing young adults from considering and learning more about money matters.

Chris Pond, FSA director for financial capability, said: “The 'what about money' website has been designed with the help of young adults specifically for young adults and focuses on the money issues that they themselves have told us they are most interested in.

“We want to help young adults feel more confident about managing their money and help ensure they believe that money is something they can do.

He added: "‘What about money’ will ultimately help younger people to become more financially capable both now and when they plan for what they want in the future.

“The site is engaging and inviting, but we don’t want to bore them.

"We want to provide information that young people can trust, coming as it does from an informed and authoritative source, in a way that engages and interests them.”

The site also links to the FSA’s main consumer website – www.moneymadeclear.fsa.gov.uk/– which aims to cut out confusing jargon and give consumers the impartial facts about financial products and services, helping them to make informed decisions.