New research by The Open University Business School has revealed that one in seven 18 year olds has already racked up debts. This is through payday loans, credit cards, unauthorised overdrafts, store cards and catalogues. This research, carried out across 1000 16-18 year olds, indicates that 13% of 18 year olds are already languishing in debt. This equates to 107,000 18 year olds across the UK. This also follows a recent report from the Financial Conduct Authority which warns of a 'pronounced' build up of debt amongst young people as they are forced to borrow money for basic living costs.
To combat this The Open University has joined forces with Bobby Seagull from University Challenge and TV's money man Martin Lewis to develop a free course specifically designed for the financial education needs of 16-18 year olds. 'Managing My Money for Young Adults' is delivered through video content, animations, case studies, activities, and quizzes. It provides 24 hours of learning broken into eight bite sized sessions, to offer learners a strong foundation of personal finance knowledge to help them avoid bad debt in the future.