Young people 'need to manage finances effectively'

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Young people 'need to manage finances effectively'

Thu 10th Jun 2010

There are plenty of challenges ahead that young people are set to face and they will have to plan their finances effectively if they are going to overcome them.

This is the opinion of Wendy van den Hende, chief executive of the Personal Finance Education Group, who suggested it is getting "harder to be young", since there are still the same financial pressures around but the economic situation is more difficult.

She explained that people still want to save up money to put down a deposit for a house and fund other ventures, but the prospect of unemployment puts a damper on such plans.

"I think there is so much stuff in the news about the dire state of the nation that it would be very difficult for young people not to be tuned in to the need to be thinking about their finances," said Ms van den Hende.

Last week, Santander revealed people aged 18 to 34 years are overtaking older individuals in the average amount they are saving.

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