Younger people are lacking in "cash confidence" and finding it difficult to plan and manage budgets, according to a report from Barclays – a payday loan is an easy service to understand, though, and can help resolve any immediate cashflow problems you may have.
The survey revealed that 29 per cent of those aged between 16 and 24 could not prepare or manage a weekly budget, while 47 per cent do not know how to apply for benefits.
Only 38 per cent could name sources of advice or support available to them – even though services such as Jobseekers Allowance and Education Maintenance Allowance can assist to the tune of hundreds of pounds.
Peter Kelly, head of financial inclusion for Barclays, said: "This research clearly indicates that we still have a long way to go when it comes to teaching young people how to manage their finances, and giving them the ‘cash confidence’ needed for their next steps in life; whether it be study, employment or training.
"We are particularly concerned about those young people who are not aware of the full range of benefits and allowances available to them when starting out or if they are in disadvantaged circumstances."
A cash advance is a simple enough service to get to grips with and can provide you with that important financial boost while you set about structuring your spending plans.
Source : monthendmoney.co.uk
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