The Department for Education Official Statistics currently reports the average graduate salary in the UK at £38,500.
However, the escalating cost of living has led to a concerning statistic where nearly half (47%) of British young adults aged 18-35 possess no savings, as unveiled by Gen Z research firm Prograd.
This situation places many young individuals in the UK at risk of financial instability.
In response, a selection of UK enterprises have stepped up, dedicating themselves to the improvement of financial literacy among young adults, thereby rendering personal finance both approachable and intriguing.
Let’s delve into these:
- Prograd
Prograd is a financial literacy platform dedicated to guiding young professionals through the complex world of personal finance.
With an emphasis on practical advice and real job opportunities to help earn more money, Prograd’s platform has a whole host of resources tailored to the unique financial challenges faced by young people.
From saving for their first home or learning how to make money from home, the platform serves as a guide for those looking to make informed financial decisions early in their careers.
- Doshi
Doshi emerges with its unique fusion of financial literacy and gamification, setting a new standard in the field.
Its interactive app entices users with gamified learning experiences and contests, covering essential financial basics from initiating savings accounts to the finer points of buying a home.
Doshi’s vision is to demystify financial education, rendering it a captivating and accessible pursuit for individuals across various age groups, thus leading them towards financial self-sufficiency.
- Your Juno
Focused on reducing the financial literacy gender gap, Your Juno offers specialised financial advice to women and non-binary individuals.
Initiated by Margot and Alexia during the pandemic, Your Juno is tailored to the particular financial literacy requirements of its audience through diverse life stages. The platform aims to infuse users with financial insight and confidence, empowering them to chase their dreams and elevate their financial status with a profound sense of independence and control.
- MoneyWhizz
MoneyWhizz stands out for its all-encompassing take on financial education, aimed at young individuals and educational institutions across the UK.
Through its provision of workshops, digital assets, and dialogue with financial professionals, MoneyWhizz furnishes young learners with the tools necessary for a thorough understanding and adept management of their finances. The platform encompasses a wide spectrum of topics, from rudimentary budgeting to complex investment strategies, all designed to nurture financial literacy from a young age.
- FinLit
On a quest to innovate personal finance education through technology, FinLit introduces an assortment of online courses and materials tailored to make financial concepts accessible to young adults. From deciphering tax systems, understanding credit scores, to retirement planning, FinLit’s accessible content and intuitive platform make mastering finances an empowering endeavour for the digitally adept youth.
These five initiatives are spearheading the movement towards enhanced financial literacy among the UK’s young adults.
Through innovative uses of technology, a commitment to inclusivity, and creative educational approaches, they are not merely educating but also empowering a new generation to confidently navigate their financial futures.
