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, shown below.

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:

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Budget Planner

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