An online education hub designed to make the under-30s more financially savvy has been launched by wealth manager St James’s Place (SJP).
The portal, named Start, will focus on financial themes and challenges most pertinent to the under-30s, according to SJP, with SJP’s younger staff members regularly contributing to the site.
It will include weekly articles and interviews on a range of topics including student loan repayments, choosing the right mortgage, investing, saving, and the latest apps that could aid financial decisions.
Alexandra Loydon, divisional director at SJP and senior sponsor for Start, believes the site will help remove confusion around financial decisions.
She said: “Whether it’s choosing the right mortgage, saving for a wedding or longer-term planning for retirement, we’re faced with many financial decisions over our lifetime which can feel daunting.
“It’s therefore increasingly important that young people are well-informed, engage with their finances, and plan for their futures as early as possible, to ease some of this pressure.
"We hope that Start will help the next generation of savers and investors feel more financially prepared for the next stage of their lives."
Start follows a study earlier this year by SJP which showed an urgent need for more financial education and guidance for young people, the wealth manager stated.
The study, carried out among 4,000 UK adults of which 1,131 fell into the 18 to 34-year-old bracket, found more than a third (36 per cent) of this age group were already concerned they won’t have enough money to fund their retirement.
But a further third (33 per cent) believed they were too young to be thinking about retirement.
Jennifer Davy, head of financial advice firm Independent Women, said she has seen a marked increase in the number of young female adults wanting to get their finances in order.
She said: “Over the last two years or so we’ve witnessed an increasing number of young women eager to be in the driving seat when it comes to money.
"They want to know about their pension options, what they need to get onto the property ladder, and how to be financially independent.
“Whether our industry has the right services to help the younger generation is another question, but any initiative that increases financial awareness is a positive step.”