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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 2011

• £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

See this video for an explanation of Student Finance for people going to higher education for the first time in 2012. New rules apply about fees, Student Loans and when you have to repay what you have borrowed, click here. 

• For more information, or to find out what to do if you started Higher Education in 2010 or 2011, click here.

Student Finance - Who is eligible?

Student Finance - What is available for full time students

 

 

EMA

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 Bursary 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.
• Learn about good debt and bad debt!

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

Help with travel costs  

Find out what discounts you can get here.