Money
As a young person, you are going through a period of great change in your life. We think that this is a period of hope and opportunity, but, at times, it is also characterised by great uncertainty. One of these changes is added levels of financial independence and perhaps the need for more money of your own.
Expand the boxes below for more information or try our Self-Help Tool for more specific and detailed help.
Gambling is also increasingly becoming a problem for some young people. See below a video from Gambling Aware and our new section on Gambling.
Gambling
Most forms of gambling are illegal if you’re under 18, but we know some young people find ways to gamble. And once you turn 18, gambling can sometimes feel like a rite of passage – something you’re suddenly allowed to do and that your friends may be doing too.
Gambling can also feel familiar if you’re used to gaming. Things like loot boxes, in-game purchases, rewards, taking risks and the excitement of not knowing what you’ll get can make the line between gaming and gambling feel blurred.
For most people gambling is occasional, but it can become harmful if you’re spending more money or time than you meant to, trying to win back losses, borrowing money, hiding what you’re doing, or finding it’s affecting your mood, relationships, school, college or work.
If gambling is starting to feel difficult to control, it’s worth talking to someone early. Organisations such as Ara and Gamble Aware are a good place to start.
Budgeting
It may be that you now have an income through work or you need to budget properly to manage your bills. It might be that you are hoping to continue your studies and are confused about student finance. Fortunately, there is lots of help on hand to provide good advice on how you manage your money.
Most banks and building societies will offer money advice to young people but it’s important you shop around before opening an account or taking one of their other financial services, such as a card. You can use comparison sites to look at offers on accounts, savings, loans and cards. There is really useful advice on budgeting and opening accounts on The Prince’s Trust and The Mix websites.
Owing people money
Being in debt can be a worrying situation, particularly at a young age. Under 18s are unable to get officially-regulated credit so getting loans from other sources can be fraught with difficulties and should be avoided unless from trusted source (family or friends). Over 18s can apply for credit but should only do so if you are comfortable paying back the amount. Debt advice can be accessed from Step Change.
If you think your safety is at risk because of a debt, you need to speak to an adult you trust. This could be a teacher, school nurse, doctor or another adult you feel comfortable talking to. Sometimes it’s not easy to ask for help, the Childline website has some specific advice for getting help from an adult that you may find useful. If your safety is in immediate risk you should phone the police on 999.
If you think you situation is less urgent you can get some advice on budgeting from the The Prince’s Trust website.
Affording the essentials
If you are struggling to afford essentials such as food or transport to school & college, it sounds like you may need some help. You should also speak to a trusted adult, perhaps someone from school or college to explain your problems. You could also try contacting Childline for advice.
If you think you situation is less urgent and you maybe just need some help to budget properly there is good advice on The Prince’s Trust website.
