In 2023, we are seeing more and more younger people looking for financial advice. This is partly due to the fact that financial awareness is at an all-time high in the UK, but also because things are more expensive than ever, and many people don't think about finances until they are personally affected – which is now more than ever.
The worsening cost of living and its impact on young people
For years, personal finance has been considered a topic for the older generation, with young people putting off thinking about it until they reach a certain age. However, this is no longer the case, and more people are being affected at younger ages thanks to the last decade’s trebled university fees, the rent crisis worsening, and even the price of milk almost doubling in some places.
With the cost of living increasing year on year, younger people are having to think about their finances more than ever before. The cost of housing, education, and other necessities can be a huge burden on young people, and it's no surprise that many are seeking advice on how to manage their finances.
Furthermore, with the rise of the gig economy, young people are increasingly having to navigate a complex web of contracts and payment structures, making financial planning even more critical.
But there are some positives…
The good news is that there is more information available than ever before, and it's becoming easier to access. Many young people are turning to social media for advice, with influencers and experts offering tips on how to manage money and invest wisely.
Moreover, financial advisors are becoming more accessible to younger people, and there are now many online services available to help people manage their finances. This has made it easier than ever for young people to take control of their financial futures.
The best time to plant a tree was yesterday. The second-best time to plant a tree is today. This is true for personal finance as well. If you start taking care of your finances sooner rather than later, you can only benefit.
By starting early, you have more time to save and invest, allowing your money to grow over time. You'll also have the advantage of compound interest, which means your money will earn interest on top of interest, helping it grow faster.
Get in touch for financial help in 2023
In conclusion, financial awareness is booming in the UK, and with the cost of living still increasing, it's essential that young people take control of their financial futures sooner rather than later.
There are many resources available to help young people manage their finances, including social media, financial advisors, and online services. By taking advantage of these resources and starting early, young people can set themselves up for financial success.
Don't wait until you're personally affected by financial problems to start taking action. Start today, and you'll be on your way to financial security and success. Click here to get in contact with the expert team at Integritas, and one of our team members will be happy to help you.
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