Young adults: talking about money

A poll of 1,000 18-25-year-olds found money worries were widespread. Young adults are spending a large chunk of their time  feeling anxious or under pressure.

Young adults wanted to budget. They need more information about savings accounts.

Here’s a video of 16 to 25 year olds sharing their thoughts about money:

Budgeting tips

In October we published budgeting tips using the 50/30/20 rule.

Recapping, 50% of your budget should pay for your needs – the kind of things you can’t do without. Like rent, bills, food and transport. 30% of your money should go towards ‘wants’. This is non-essential shopping like sweets, holidays and outings. The remaining 20% is for plans, especially saving.

We’ve produced an infographic to help you budget better. It can also be downloaded here

Before you start, the Money Advice Service has information about rent, running a bank account and how you are taxed when your start a job.

Your budget should allow you some spare money to start saving. The Money Advice Service has produced a useful guide to savings accounts, including opening one with your credit union.

Why not kick off now? Here’s a budget planner to get you started:

You have javascript turned off. Please turn javascript on to see the tools in action.

Budget Planner

If you found this article helpful, you can sign up for money tips here: