youthmoney

What will young people want to know about today’s surprise Supreme Court ruling? UK banks have won their argument that overdraft fees on personal bank accounts cannot be assessed for fairness by the Office of Fair Trading. So what’s the impact on young people?
For those who never spend more money than they have, it is [...]

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 A young person gets a cheque. Great. That’s money – available and good to go. Er, no.
 One of the complicated bits of keeping track of finances is understanding the cheque-clearing system operated by the banks. To be honest, understanding it is perhaps a bit ambitious. But it is well worth knowing when a cheque turns [...]

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The banking industry seems pleased with itself. The British Bankers’ Association is trumpeting the take-up of basic bank accounts. It says that 7.4 million accounts are now in operation. Some 341,300 accounts were opened in the first quarter of 2008.
Jolly good show.
Some questions are not answered. Or even asked. One is, how many young peope [...]

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How much is a free cinema ticket a month for six months worth to you? Is it more or less than a free five-year railcard? How does it compare with £100 off the price of an Asus laptop? Or free 12-month YHA membership. Or 35 downloads from eMusic? Or a free webcam?
The coming year’s intake [...]

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Quote of the week. “I thought it was something to do with the Government’s education maintenance allowance scheme, which funds sixth-formers to encourage us to stay in school.”
That was 16-year-old William Bowen, quoted in the Times. He’d discovered an entirely unexplained £2m in his bank account.
The immediate spending spree has left William with a hefty [...]

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Many pundits think UK banks will soon be unable to raise revenue by hefty charges to customers running unauthorised overdrafts. They will be looking for other ways to charge.
Is it likely that new bank account charges will be simple to understand, easy to compare, and good value for money? Possibly. But there’s a fair chance [...]

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The banks’ clearing system tends to perplex young people. It sometimes wrong-foots them into difficulty or embarrassment. You pay a cheque into your account, but you cannot get at the money for days.
The same can apply even to electronic transfer, and even when you can see that the cash has left one account.
Not unreasonably, young [...]

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“If you’ve grown out of putting money in a piggy bank, it’s likely that you’re ready to open a current account.” Oh dear. Who talks to young people like this? The government does.
Its advice for young people on opening bank accounts blathers on, urging shopping around and other vague notions. Do they really think it’s [...]

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