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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 risen since October 2010

• £4.98 an hour for workers aged 18 to 20
• £3.68 an hour for workers aged 16 to 17
• £2.60 an 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.

Money to help with studying

Finance for Higher Education

Student Finance - Who is eligible?

Student Finance - What is available for full time students

 

Student Finance for Higher Education application process announced for 2011-2012

Student Finance England - Returning full-time students should apply NOW for student finance for Academic Year 2011/2012. All applications for student finance should now be made to Student Finance England  - Local responsibilities now have no further responsibility for new applications.

The service for returning customers is now open, with a deadline for submitting applications by 30 June 2011. The service for new full-time students will open on 16 March, with a deadline for submitting applications of 31 May. For more details click here.

• New information about the 16-19 bursary here.

 

EMA

EMA stands for Education Maintenance Allowance and is cash to help you carry on studying.

The Education Maintenance Allowance (EMA) scheme closed to new applicants on 1 January 2011. 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.

Find out the latest EMA updates here.

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.

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.

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

 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 more about money:

Can I claim benefits?

Student finance

EMA

Student loans

Impartial info, lifestage guides and budgeting tools

Help with travel costs

Youthnet

 

Find out what discounts you can get here.