Resources: Log on to ... Financial literacy

A survey published two years ago by insurance company Prudential showed that 15 per cent of young people thought an ISA was an accessory for their iPod. The poll revealed a general picture of financial ignorance among the young.

Does it matter? Well, look at the UK's phenomenal debt statistics. Total personal debt broke the £1 trillion barrier in July 2004. Average household debt, even before mortgages, is approaching £8,000, while many students starting higher education courses this month can expect to finish owing around £20,000. As a result, financial literacy among young people is assuming ever-greater importance.

Many banks produce materials for those working with young people. The Royal Bank of Scotland group, for example, has a programme called Face2Face with Finance. Visit www.rbsf2f.com for modules for working with 11- to 14-year-olds, 14- to 16-year-olds and 16- to 18-year-olds. It also offers educational material, from simple stuff about how banks work, to case studies that can be used in helping young people prepare for independence.

Aimed primarily at teachers, www.pfeg.org is run by pfeg (Personal Finance Education Group). This charity has the mission of ensuring all young people leave school equipped with the confidence, skills and knowledge they need in financial matters. The site includes a number of pfeg's own resources for use with young people from age four to 19, including the free interactive CD-Rom Risk and Reward, which uses an events management scenario to get young people thinking about issues such as business, budgeting and marketing.

For a more youth work-friendly take on all of this, visit www.youthmoney.co.uk, a new site set up by freelance journalist PJ White "with a notion of providing a service to those who help young people understand and take control of their money". White provides brief introductions to the fields of earning, spending and borrowing as well as a blog in which he flags up matters of interest and provides quick pointers to "useable, reliable and free" resources available online.

One of White's approved sites is www.askcab.org.uk. The site was put together for young people in Norfolk, but has a comprehensive money section that can be used by all. The accessible information starts with "What is money?" and moves on to explanations of concepts such as budgeting and credit. More complex issues such as pensions, overdrafts, ISAs and insurance are also covered as well as extensive benefits information and a useful budgeting tool for helping young people examine their income and expenditure.

A very different approach is taken by www.kikass.com, a youth charity that channels young people's energies into "finding creative solutions to social issues". It specialises in activities such as viral films and stunt-type pursuits in public places. The relentless "yoof-speak" won't appeal to everyone, but its creative approaches to dull financial issues may make all the difference for some young people. Among financial education initiatives highlighted on the site are the Money Doctors - uniformed teams who stop and talk to young people, "taking their financial temperature, and feeling the pulse of people's wallets and purses".

Then there's the spin-off site www.whatwouldyoudoforapound.com, a Kikass initiative that encourages young people to make short virals on the theme of "dirty cash/debt/the sexy possibilities of financial sortedness".

Another interesting site that might divide opinions is www.moneysavingexpert.com, the work of financial journalist, and scourge of the banks, Martin Lewis. You may have seen him getting young people to save money on insurance bills on ITV's Tonight programme in July.

The site is billed as "consumer revenge" and is full of tips on how to avoid bank charges and get cheaper utilities, including broadband. Its message appears to be that the whole world is out to con saps like you, but you can fight back against this evil by spending your spare time on an internet forum trawling for tips on how to maximise your Nectar card points. Some will find that rather depressing. On the other hand, it is a jungle out there and young people need to be equipped to survive.

WEB FILE

For youth workers 

www.rbsf2f.com Royal Bank of Scotland website aimed at teachers and educators

www.pfeg.org Provides a range of financial resources to buy and download 

www.youthmoney.co.uk Intends to prompt debate about youth financial issues as well as provide advice

www.moneysaving expert.com Tips from financial journalist Martin Lewis

For young people

www.askcab.org.uk Provides advice on issues, including finance, for 13- to 25-year-olds

www.kikass.com Includes games on managing money

www.whatwouldyoudoforapound.com Has lots of humorous resources for teenagers.