September 29: Young people and financial services – weekly round-up

1. Fidelity Investments issues financial education grant challenge for new ideas to improve financial literacy among students in need

PYMNTS; September 26

Fidelity Investments is helping to address the issue of low levels of financial literacy among young people. Through its Fidelity Investments Financial Education Grant Challenge, it invites Americans to offer ideas that are designed to improve the financial literacy of high school students in low-income areas and make use of the company’s extensive employee volunteers and financial expertise.

2. Youth unemployment is the next global crisis

Huffington Post; Jillian Berman, September 27

A look at the high global levels of unemployment and the potential consequences, which, according to a group of politicians and economists at the Concordia Summit this Friday could lead to increased violence in the Middle East, to ever-higher rates of income inequality in the United States, to increased political unrest in Europe.

When a country suffers economically, younger workers are usually the last in and the first out, according to the World Economic Forum. And even as young people around the world are graduating with degrees, they lack the skills needed to fill the few available jobs.

3. Young home buyers abandoned by their parents and pollies

The Age; Brett Watkins, September 26

The author, a young Australian, who has been priced out of the housing market, look at the reasons why houses have become so unaffordable for many young people today.

4. State focuses on financial training in schools

Zambia Daily Mail; Nancy Mwape, September 23

Zambia has become the latest country to look at including financial education on the primary and secondary school curriculum. The revised curriculum will have 60 percent focus on entrepreneurship and 40 percent on academic elements.

5. Young people want to learn. Let them.

Investment News; September 22

This piece looks at the decline in the number of financial advisers, and the need for fresh blood in the industry, particularly young professionals, who often find barriers to entering the industry, because they lack practical experience.

6. Pensions not on priority list for job hunters

Actuarial Post

Only a third (32%) of UK job hunters bother to ask a company about its pensions provision when interviewing for new jobs, according to research released by NOW: Pensions. A further third (37%) admit they don’t even ask upon joining, either because it doesn’t occur to them (18%) or simply because they are waiting to be told (19%). 

According to the study, young people are the least likely to think about pensions when looking for a new job. Over a quarter of young people (27%) have never thought to ask, while less than a fifth (18%) asked about pension provision at interview. On the flip side, pensions awareness increases exponentially for the over 55s, with almost half (42%) taking the time to ask the question of would-be employers upfront.

7. 7 financial decisions made in your 30s that may haunt you in your 50s

Forbes; Nancy Anderson, September 26

A look at some of the ways in which you can maximise your wealth and financial security while still a young professional in order to avoid coming up short towards the end of your career.

8. New information portal for young people’s finance added to loansforpoorcredit.net

Market Watch; September 25

The American consumer finance site announces the creation of a new portal for young people and student finance and shares details of two new articles that feature.

9. Nine ways you could be sabotaging your own financial stability

Daily Finance; September 28

An crash course of common flaws and fallacies that can happen as far as financial behaviour is concerned, including myopia, avoidance and confirmation.

10. What Gen-X and Gen-Y really think about banks

The Financial Brand; Andrea Simon, September 10

If Gen-X and Gen-Y consumers could create their own “bank of the future,” what would they create? And how would that differ from what banks think?

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