October 13: Modern Young Finance – weekly round-up

1. Financial literacy among urban working young people low: Study

Business Standard; Vinay Umarji, October 13

A study by the Indian Institute of Management (IIM)-Ahmedabad has found that despite high education levels, working young people in urban India are not financially literate.

‘Financial Literacy among Working Young in Urban India’, a working paper by IIM-Ahmedabad faculty members Sobhesh Kumar Agarwalla, Samir K Barua, Joshy Jacob and Jayanth R Varma, says several factors impact financial literacy among the working young in urban India.

2. Seminar targets youth financial education

The Business Journal; October 11

A donation given by Bank of the Sierra, United Way of Fresno County and other Fresno organizations enabled a financial education seminar to Fresno County youth and young adults to take place.

Fresno Mayor Ashley Swearengin, Fresno County Economic Opportunities Commission and the FresnoWorkforce Investment Board also had individuals represented in the program. The seminar discussed elements of financial responsibility, including how to set up a checking account.

3. Helping Young People find work

B31 Voices; Sam Hatfield, October 8

Nu-traxx: connect is an initiative for 16-18 year olds that aims to provide the practical skills and confidence that could help them get a job with local companies.

The study modules available on the programme allow students to learn more about things such as personal finance, time management, how to apply for jobs, develop communication skills and how to manage relationships successfully.  It also gives them the opportunity to complete some work experience modules and have one-to-one appointments with employment coaches.

4. 1,600 young people meet array of recruiters at careers fair

Surrey News; October 9

Around 1,600 people descended on Surrey’s biggest jobs, apprenticeships and skills fair organised by the county council to showcase employment, training and college opportunities. They flocked to the Surrey Opportunities Fair to meet an array of recruiters across sectors including retail, construction and social care as part of the authority’s drive to tackle the number of young people classed as NEET.

5. Canada’s unemployment rate falls, as fewer young people seek jobs

Toronto Star; Dana Flavelle, October 11

Canada’s jobless rate fell below 7 per cent in September – for the first time since the Great Recession – as fewer young people looked for work, according to Statistics Canada.

The economy created nearly 12,000 net new jobs, including more jobs for young people, the federal agency also reported on Friday.

Canada’s jobless rate fell to 6.9 per cent, down 0.2 percentage points, which was its lowest level since December 2008.

Most of the new jobs were full-time and in the private sector, while part-time jobs and self-employment both declined, the survey found.

6. How investment banks subtly brainwash young people like Moritz Erhardt into working dangerously long hours

Efinancialcareers; Sarah Butcher, October 7

A look at how investment banks use “embodied controls” to encourage junior bankers to work longer hours. These include: open-plan offices, an artificial 24/7 environment and playing on young bankers’ competitiveness

7. Big Issue Invest: The tech for good challenge

Big Issue; Adam Forrest, Oct 3

Britain’s bright young things have been given £50,000 to grow their businesses, in a Big Issue Invest-backed technology challenge. Unlike Dragons’ Den, the Tech for Good Challenge provided an intensive mentoring programme for all the shortlisted businesses taking part in the competition. Following a Caterpillars’ Cocoon – a two-day workshop and pitching process – 11 of the fledgling tech ventures working with young people were judged ready to make use of the £50,000 boost.

8. Young, educated and making it on less than $35,000

Financial Post; Melissa Leong, October 12

A look at ways in with young Canadian graduates are managing to budget on lower salaries.

9. Young people are unemployed and unengaged – but we have an answer

Huffington Post; Andrea Cooper, October 10

Andrea Cooper explains how UpRising, a leadership programme that brings young people in disengaged communities face to face with the social issues on their doorstep and challenges them to do something about it has helped young people.

10. Young savers fail to understand pensions

Thomsons online benefits; October 8

Younger savers using employer-sponsored Defined Contribution pensions have a patchier understanding of pension investments than their older colleagues, according to new research from State Street Global Advisors (SSGA).

Just 27 per cent of workers in the younger age group of 22 to 36-year-olds said they had an understanding of how their retirement savings were being invested – far below the 54 per cent who said they understood their default plan across all age groups as a whole.

Worryingly, they were also likely to be making smaller contributions to their pension pot as a whole. Seven out of ten young people said they contributed less than six per cent to their fund and eight out of ten had no plans to change their contributions within the next year.

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