Money
How much can a young person earn?
If you are still at school or college and want to earn some cash with an evening or weekend job, you should be aware that:
National Minimum Wage rates have changed in October 2012
- £4.98 an hour for workers aged 18 to 20
- £3.68 an hour for workers aged 16 to 17
- £2.65 an hour apprentice rate - for apprentices under 19 or 19 or over in their first year of their apprenticeship
- Find out more here.
How many hours can I work?
- Young people aged 13 or 14 can work on non-school days for a maximum of five hours a day or 25 hours a week
- Young people aged 15 and over can work on non-school days for a maximum of eight hours a day or 35 hours a week
- There are also other rules about working on school days.
How to set up a bank account
It's best to shop around and take advice about what deal is best for you. It's a good idea to open a bank account so that you can learn how to manage your money and try to build up some savings for the future. You need to provide proof of identity and proof of your address (this is a government requirement).
There are different types of account for different needs:
- If you just want to save money, you will get better terms from a special savings account.
- If you want to use the bank account to take money out regularly, you need a current account.
To find out about accounts look at Money Advice Service. There are many options, so it's best to shop around and take advice about what deal is best for you. Try to get independent advice, for example Money Saving Expert has good information about the best deals. Visit Money Saving Expert
Money to help with travel costs
Find out about the Hertfordshire Saver Card
Money to help with studying
Finance for Higher Education
For information if you are considering Higher Education, click here
For more general information and to find out what to do if you started Higher Education in 2010 or 2011, click here.
Bursary Funds
Schools, colleges and training providers have bursary funds to help young people who face financial hardship and are in learning. Students most in need in the following groups may receive maximum bursaries of £1,200 for courses of more than 30 weeks…
- Young people in care
- Care leavers
- Young people claiming income support in their own name
- Disabled young people who receive both Employment Support Allowance and Disability Living Allowance in their own name
Schools, colleges and training providers are responsible for awarding discretionary bursaries to students, they can decide on the amount, when they are paid, and can set conditions that students should meet to receive a bursary. To find out more speak to your Student Support team or Tutor.
The Education Maintenance Allowance (EMA) scheme closed to new applicants on 1 January 2011
Find out more about 16 - 19 Bursary here.
Are you a young person in or from care?
Get your head around all your entitlements and the benefits system with this booklet: Know your rights, know your benefits
Are you a bargain hunter?
- Check out the Money Saving Expert 'Teen Cash Class' packed full of information about how you can manage your money and be a savvy saver. Find out more here.
- Find out about what discounts you can get in Hertfordshire.
- Learn about good debt and bad debt!
Beware of loan sharks!
A loan shark is a person or body that offers to lend money to people normally with a very high interest rate. To make sure that you haven't been caught, and to see how to avoid them, click on the downloadable postcard file below for more information.
Find out how much people earn in different jobs:
Chart showing occupational earnings
Find out more about money:
See current discussions on Student Finance England's twitter about student finance: