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Money Box

Money Box Live: Finance for the under 30s

Money Box

BBC

Business

4.2825 Ratings

🗓️ 26 July 2023

⏱️ 29 minutes

🧾️ Download transcript

Summary

Amidst a cost of living crisis, almost 9 in 10 young adults say that simply having enough money to cover their basic needs is classed as aspirational, according to a survey by the children's charity Barnardo's. We hear about some of the financial pressures burdening young people - from renting, to food costs and car expenses.

In this podcast, BBC Newsbeat's Cost of Living Reporter, Sam Gruet, joins Felicity Hannah and Alice Haine, Personal Finance Analyst at Bestinvest.

Presenter: Felicity Hannah Producer: Amber Mehmood and Sarah Rogers Reporter: Sam Gruet (Newsbeat Cost of Living Reporter) Editor: Beatrice Pickup

(First broadcast 3pm, Wednesday 28th June, 2023)

Transcript

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0:00.0

You are about to listen to a BBC podcast and I'd like to tell you a bit about what goes into making one.

0:06.5

I'm Sadata Sese, an assistant commissioner of podcasts for BBC Sounds.

0:11.2

I pull a lot of levers to support a diverse range of podcasts on all sorts of subjects,

0:16.0

relationships, identity, comedy, even one that mixes poetry, music and inner city life.

0:22.4

So one day I'll be helping host develop their ideas, the next fact-checking, a feature,

0:28.3

and the next looking at how a podcast connects with its audience, and maybe that's you.

0:33.6

So if you like this podcast, check out some others on BBC Sounds.

0:39.5

BBC Sounds, music, radio, podcasts.

0:43.2

Hello, welcome to the Moneybox Live podcast.

0:45.7

Today we're taking a look at the impact of the cost of living crisis on the finances of young people,

0:51.3

young people who were in primary school or even preschool during the financial crisis of 2008.

0:57.0

The current struggle has certainly got politicians' attention.

1:00.0

Today, the Chancellor has called in the country's main consumer watchdogs for energy, water and communications

1:06.0

to ask what they're doing to help lower costs.

1:09.0

But in the meantime, do these rising prices and bills risk derailing the finances of young people

1:14.8

at the very start of their lives?

1:17.1

Well, on Saturday, Moneybox heard from Kyson, who told us money is a constant worry.

1:22.3

There's been times where I've gone without eating, I've gone without saving.

1:26.1

If any unexpected costs comes up, if you need to buy something because something broke, you can't.

1:31.8

I worry about money all the time.

1:33.3

It's definitely one of my biggest fears, not being able to be financial skill, especially seeing other people in different situations.

1:41.0

So today on Moneybox Live, we're going to ask how younger people who have been hit can get

...

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