Categories Fundraising

UK charity aims to help young people manage their finances

The Mix, the UK’s leading digital charity for under 25s, has partnered with the global information services company Experian to ensure that all young people have the information they need about money to empower them with the confidence and skills required for the future. 

The Mix reaches over 4 million young people each year and connects them with experts and their peers to talk about everything from money to mental health, homelessness to jobs, break-ups to drugs and more.  The charity’s mission is to ensure that every young person can make an informed choice about their wellbeing. 

The Mix has carried out research which shows that more than 2 in 5 young people say that their money worries have increased because of the COVID-19 pandemic.

The online survey, carried out by YouGov, of over 2,000 16-25 year olds suggests that young people’s financial health has worsened as a result of the pandemic. Over a third (35%) of young people surveyed agreed that the impact of the pandemic on theirs or their family’s finances has negatively affected their mental health. Three in ten (30%) young people are worried about having enough money to make ends meet during a typical month (having enough money to pay rent, bills, debt, or food). 

Out of the young people who worry about money, 44% experienced anxiety as a result, with 41% experiencing feelings of low mood or depression. Disrupted sleep was experienced by almost three in ten (29%). Importantly, 23% said that their ability to concentrate at school, university or work was affected. Over half of young people surveyed (51%), said that their money worries are making them feel anxious about their future. 

As a result of this research, The Mix has joined forces with Experian to bring young people accurate and timely information and support about money. The partnership is collaborating on youth-led resources to offer money management tips and accurate financial advice. 

Zoe Bailie, Deputy CEO at The Mix, said: 

“Young people have always told The Mix that money is one of their biggest worries and this important new research confirms that this issue has got worse due to the impact of the pandemic. The research shows us that a concerning number of young people are uncertain about their futures and struggling with anxiety and depression because of money worries. Through our partnership with Experian, we are able to empower young people with the information and resources they need to help them manage their money and get their finances under control. We urge parents, teachers and employers to share our services with young people and let them know that we’re here to support them with money and their mental health.”

James Jones, Head of Consumer Affairs at Experian, said: 

“The findings highlight the acute impact the pandemic is having on young people’s financial health, which should concern us all. We hope that our partnership with The Mix is helping provide essential and timely guidance and support to youngsters on a range of important topics, including dealing with life’s day-to-day challenges and building better financial resilience.”

Young people who are feeling worried about their finances should head to The Mix’s money page, to find support and information and get in touch with The Mix’s free and confidential services to talk about money, and anything else.