Students taught to be savvy spenders
The Trading Standards Institute (TSI) is running a competition in schools to make young consumers aware of the ins and outs of financial responsibility. The Young Consumers of the Year competition for 14 to 18-year-olds has reached its final stages and the grand final, which will see pupils from 12 schools compete, will take place on June 27th in Manchester.This news comes as research by Mintel revealed that young consumers aged between seven and 19-years-old spend a collective £13.9 billion in pocket money every year, mainly shelling out for clothes, computer games, petrol, and going out.Yet a study carried out by the Financial Services Authority showed that young people tended in the main to lack financial knowledge and often chose products unwisely.As the competition nears its end, the Office of Fair Trading (OFT), which sponsors the event, has today revealed some of the most typical scams that younger consumers fall for.Major scams that young people are targeted by are based around the use of mobile phones. For example, many young people are sent text messages which tell them to phone a number to find out an urgent or secret message, only for them to find that the return call is charged at a premium rate.Many youngsters are also caught out by ringtone scams, which sign them up to receive a number of regular ringtones at an inflated charge.OFT consumer education's Paul Burton, said: "The amount spent by young people is enormous and they are increasingly involved in spending decisions whether it is mobile phones, computer games or traditional areas like clothes."Having a skilled group of consumers shopping around and aware of their rights benefits us all. The participants in Young Consumers of the Year gain valuable skills and a grasp of key consumer issues that they can pass on to parents, friends and adults."
Share this..
Related stories
UK recession was the deepest since 1921
It has been revealed that the UK recession, which many believe ended in the final quarter of 2009, was the deepest and the hardest hitting since 1921. While it would be unfair to suggest that no other economies around the world have suffered to the same degree as the UK economy, there is no doubt that the UK is one of the slowest economies to recover. This has been a wake-up call to many who ro...
Read MoreStudy the stock market for signs of recovery in the economy
As more and more reports indicate ongoing improvements in the UK economy many experts believe there is no better indication than the UK stock market. Historically, stock markets around the world are estimated to forecast economic activity up to 9 months in advance which offers a perfect measurement of hopes and thoughts for the future. It would be wrong to say this particular method is infallible...
Read MoreYoungsters turn to their parents for financial help
Carrying on the age-old "bank of mum and dad" it has been revealed that more and more young adults are turning to their parents for financial help. Whether falling behind with their mortgage, overdue on their credit cards or struggling to repay their overdrafts it appears many parents are having to dig deep into their own savings to make life easier for their children.
While cynics...
Norwich union cut bonuses
Norwich union has become the latest insurer in the UK to cut bonuses on its profits funds and lower final payouts. While the move was not unexpected after the recent French Provident announcement there is serious risk to many investors across the UK who had seen with profits funds as their saving schemes of the future. There are now serious concerns that too many people in the UK appear to have pl...
Read MoreWetherspoon's announces record sales
Pub group JD Wetherspoon has announced record sales with turnover up 1.2% in the year to 26 July 2009. This is a sector which has been hit very hard by the UK recession but JD Wetherspoon, which operates at the value end of the market, has been very proactive in introducing breakfast and other meals to the mix. It looks as though the attraction of cheap food and cheap drink brought together under...
Read More