Money

How much can a young person earn?

phot of pink piggy bank 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:

16-17 year olds are entitled to a national minimum wage of £3.53 per hour (since 1st October 2008). From October 2009 this will be £3.57 per hour
18-21 year olds are entitled to a national minimum wage of £4.77 per hour (since 1st October 2008). From October 2009 this will be £4.83)

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

EMA stands for Education Maintenance Allowance, and you may be able to claim it.

Basically, EMA is cash in your hands to help you carry on learning.
It’s worth up to £30 per week.
If you're 16, 17 or 18 and are in education past the official school leaving date, then it could be for you. To find out more, and whether you are able to claim it, see the link below.
Student loans are available on a means-tested basis, to help cover your tuition fees and living costs if you are entering higher education. Follow the links below to find out more and apply on line.
You may qualify for help with the cost of travel while studying

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 the website called Money Saving Expert has good information about the best deals.

Beware of loan sharks!

Q38508_LoanSharks(HERTFORDSHIRE)postcard(proof1).jpg

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.