Page 8 - Forest Row Local September Edition
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 8 September 2020 • Forest Row Local
18-25 year olds to take back financial control
 18-25 year olds have experienced testing times of late; the 2008 financial crash, unattainable housing, higher tuition fees and Brexit all playing their part. Now with the enormous impact of Covid-19, this generation face tough times ahead.
So how can young people take back some control? The answer is three fold...
1. Government help
Chancellor Rishi Sunak’s £2bn “kickstart scheme” ambition for people living in England is to create more jobs for young people. Those aged 16-24, claiming Universal Credit and at risk of long-term unemployment, will be eligible. Here’s what the scheme entails:
• 6-month work placements aimed at 16-24 year olds • New funding for National Careers Service
• High quality traineeships for young people. Plus funding to employers who provide trainees with work experience.
• Payments for employers who hire new apprentices under the age of 25.
• Investment in high value courses for school and college leavers.
Check here for the latest updates - www.gov.uk/government/news/rishis-plan-for-jobs- will-help-britain-bounce-back
2. How 18-25 year olds can help themselves
experience. Remind them of the government schemes when you make an approach.
• When you do find regular employment begin contributing even a small amount to a pension. If
you meet the criteria, your employer will also help by paying into the pension for you.
• Consider saving into an ISA for more tax efficient savings, rather than investing into cash savings accounts.
• But most importantly, do not delay in asking for financial advice. It is a common myth that you need to wait until you have wealth to see a financial adviser; this is simply not the case. Getting advice early on is vital.
3. How parents / grandparents can help
• Fund further or specialist courses and study to give you an edge over others.
• Free up some of their disposable income to contribute to a deposit for your first property.
• Parents and grandparents can also make small regular contributions into a pension for you.
• Grandparents and parents can consider using their annual gifting allowances, if they want to reduce their estate for Inheritance Tax Purposes.
Whatever you decide to do, the very best advice we can give is to plan for the future now.
By Steven Sanders - Financial Adviser at Cranwell Wealth Solutions - www.cranwellws.co.uk
01435 866101 / steven.sanders@sjpp.co.uk
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The value of an investment will be directly linked to the performance of the funds selected and may fall as well as rise. You may get back less than the amount invested. The levels and bases of taxation, and reliefs from taxation, can change at any time and are generally dependent on individual circumstances.





































































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