66% of young people worried about money and half say that university won’t help them to get a job

66% of young people surveyed are worried about not having enough money in the future and many do not think that going to college or university will help them get a job, according to figures released by financial education charity pfeg (Personal Finance Education Group).

The survey is being released to coincide with My Money Week, taking place across England from Monday, 27 June 2011 to Sunday, 3 July 2011. The week aims to highlight why young people need financial skills and involves thousands of pupils, parents and teachers taking part in activities in primary and secondary schools.

The main findings of this survey of 1,000 12 to 16 year olds across England are:-

► 62% of those surveyed are worried about not having enough money, even amongst younger age groups (58% of 12 year olds)

► 30% worry about being in debt in the future.

► 77% surveyed wanted to go to university or college, but 58% of these were still worried about getting a job in the future and 36% were worried about paying for it. Many expected to put their own funds towards this through a part-time job or savings (55%).

► 57% surveyed expected to find finances hard, or harder, in the future, with girls (61%) more likely than boys (54%) to expect this to be the case.

► 95% surveyed thought it was important to understand how to manage their money. The top things they wanted to learn more about were household bills, understanding the money side of work, budgeting, the cost of a house or flat of their own, and savings (girls were often more likely to think that they needed to learn more than boys). 

► Interestingly, 67% of young people surveyed thought that going to university would cost less than £10,000 per year, perhaps reflecting recent interest in student tuition fees but not factoring in any cost of living expenses, which could be over £200 per week in some areas.

Commenting on the survey, pfeg chief executive Wendy van den Hende says:- “As this survey shows, young people are worried about having enough money for their future, whether going to university, starting work or saving for something, but are very keen to learn more. Understanding and managing your personal finances is vital and getting involved with My Money Week can help young people learn some of the practical skills they need.”

Some of the main regional differences were:-

► London and South East – young people wanted to know more about running their own business (34% vs 24% overall), but were more worried about being in debt (34% vs 30% overall).

► North – among those planning to go to college or university, young people were less likely to expect to get money for this from their parents (36% vs 43% overall).

► Midlands – among those planning to go to college or university, young people were more likely to expect to get money for this from their parents (55% vs 43% overall), and also more likely to be worried about being in debt in the future (35% vs 30% overall).

► East of England – young people were less likely to be worried about getting into debt in the future (17% vs 30% overall).

► South West – among those who were planning to go to college or university, young people were less likely to expect to get help with funding from their parents (35% vs 43% overall), but less likely to put their own funds towards this through savings or part-time work (41% vs 55% overall). They were also less likely to be worried about getting into debt in the future (23% vs 30% overall).

Activities during My Money Week include: working with local shopkeepers and primary pupils growing their own food in Yorkshire, secondary pupils in Chorley mentoring local primary children about managing their money, a ‘Money Box Live’ event in Kent dealing with going to university or getting a job, and housing organizations working with young people to prevent defaulting tenancies. Free resources for schools and a list of activities can be downloaded at:- mymoneyonline.org.

School pupils aged 5 to 19 year old can also win an iPad2, Nintendo 3DS or vouchers for their school by entering this year’s competition to design a new currency. The closing date is 3 July 2011, and information can be found on mymoneyonline.org.

Commenting on My Money Week, Justin Tomlinson, MP for North Swindon and chair of the All Party Parliamentary Group on Financial Education for Young People says:- “It is essential that young people have financial education to equip them to able to deal with the complex financial world we live in. This research shows that they want to learn more. pfeg's My Money Week really helps to bring this to life, with students, parents and teachers all getting involved.”

Alison Goodwin, Headteacher of Applegarth Primary School, North Yorkshire, says:- “Every young person needs an understanding of how to get the best from their money, make sensible decisions and how to save. This is best done through hands on learning, applying maths, literature and other key skills. We've found the best way to do this is using support from experts such as pfeg through My Money Week, with help from parents, volunteers and local businesses.”

NORTHERN RAIL WINS TOP COMMS AWARD...!!!

TRAIN operator, Northern Rail, beat stiff competition from some of the UK’s largest brands to win the Gold Award for Strategy at this year’s Institute of Internal Communications Awards. The award was in recognition for the Northern Stars programme, which celebrates employee’s actions and going over and above what is expected of them in their daily duties.

The scheme won its category for ‘Reward and Recognition communications’ followed by the overall award competed for by all winners in each category – tipped as ‘the best of the best’ of the competition.

The judges highlighted Northern’s attention to detail with the execution of the campaign, the partnership with Passenger Focus and its use of sponsorship in order to keep investment to a minimum. The award achieved full marks in all categories.

Pete Myers, Head of Service Quality of Northern Rail, comments:- “We couldn’t be happier to have won the Gold award, considering our competition came from the likes of Barclays, O2, Post Office and Sainsburys. We are extremely proud of our employees and the our Northern Stars scheme celebrates everything that is great and good about them.”

The Judges commented:- “It is clear Northern Rail launched a practical, cost-effective, engaging campaign that appealed to the hearts and minds of its employees. The campaign gives them a renewed sense of pride in the organisation and their contribution to it and involving customers and the external community to positive effect.”

The Northern Stars campaign sees passengers send in nominations for employees who have helped them in a way that goes beyond what is expected of them. Last year’s winner, Gair Urwin, was nominated several times for a number of outstanding acts, including driving a group of tourists to another station when their train was cancelled in heavy snow, on his day off.

The Institute of Internal Communications Awards were held at London’s Hilton Park Lane Hotel.

Flashmob of raving pensioners takes over Liverpool One

HOME Instead Senior Care Liverpool Central & North created a wonderful spectacle at Liverpool One shopping centre recently, by organising an ‘Over 55’s Flashmob’. The event challenged the stereotypical view of the older generation as 200 ‘raving pensioners’ attracted hundreds of onlookers by making a song and dance about being part of the YouTube generation.  Having so many elderly clients with a real zest for life, Home Instead owner Andrew Erskine was keen to show the community just how much fun the older generation can have. With camera wielding onlookers recording the event, the YouTube clip of the Flashmob looks set to be a new internet phenomenon.   Andrew commented:- “We feel so passionately about our clients and caregivers, we wanted to let the whole world see how fantastic and full of life older people are. There are all sorts of stereotypes about the older generation, but because we specialise in looking after the elderly in their own homes, we know just how fantastic they are. We wanted to make a song and dance about it! The event was a great success and provided a fantastic opportunity for us to meet new people in the community. It just goes to show you are never too old to have a great time.”  Home Instead Senior Care is an award winning national company which is changing the way care is delivered in the UK and is rapidly building a reputation as one of the UK’s leading care companies. Their service is tailored to the needs of individual clients and ranges from companionship, meal preparation, light housekeeping, post-discharge care, personal care, medication reminders, shopping and errands. The service is totally flexible to meet client needs and is available from as little as 1 hour to 24 hours a day, seven days a week.   For more information on the services provided, please call the Liverpool Central and North office on:- 0151 2520808 or visit:- homeinstead.co.uk.  To see the Flashmob in action, visit:- bit.ly/jLQWnC