According to the latest statistics from the Department for Education Official Statistics, the average graduate salary in the UK stands at £38,500.
Yet, the swift rise in the cost of living has led to a concerning situation where nearly half (47%) of young Brits aged 18-35 find themselves with no savings, as per insights from Prograd, a Gen Z insights agency.
This predicament leaves a vast number of young individuals in the UK vulnerable to financial emergencies.
In light of this, several UK-based enterprises have risen to the challenge, dedicating their efforts to enhancing financial literacy among the youth, thereby making personal finance both accessible and engaging.
Let’s explore these initiatives:
- 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 distinguishes itself through its unique approach to financial education, blending learning with gamification.
Through its interactive app, users are introduced to gamified educational activities and competitions, covering fundamental financial concepts such as setting up savings accounts and the details involved in purchasing a home.
Doshi aims to simplify financial education, making it an enjoyable and accessible experience for people of all ages, thus fostering a path toward financial independence.
- Your Juno
Addressing the gender disparity in financial literacy, Your Juno provides tailored financial guidance for women and non-binary individuals.
Founded by Margot and Alexia amidst the pandemic, Your Juno meets the unique financial education needs of its audience through different life stages. The platform’s goal is to imbue users with financial knowledge and confidence, empowering them to pursue their dreams and enhance their financial well-being with a solid sense of independence and self-reliance.
- MoneyWhizz
MoneyWhizz is celebrated for its comprehensive approach to financial education, targeting the youth and educational institutions across the UK.
Offering workshops, online resources, and opportunities for engagement with financial experts, MoneyWhizz equips young individuals with the essential skills to understand and manage their finances effectively. The platform spans a wide range of topics, from basic budgeting techniques to intricate investment strategies, all aimed at cultivating financial literacy from an early age.
- FinLit
FinLit has embarked on a mission to revolutionize personal finance education through technological innovation.
The platform offers a variety of online courses and resources designed to make financial concepts understandable for young adults. Whether it’s navigating tax issues, understanding credit scores, or planning for retirement, FinLit’s approachable content and user-friendly interface make learning about finance an empowering experience for the digital generation.
These five ventures are at the forefront of advancing financial literacy among young people in the UK.
Utilizing technology, inclusivity, and innovative educational methods, they are not only educating but also inspiring a new generation to take control of their financial futures.
