Saffron Building Society starts money management scheme in Essex

A £200,000 scheme has been set up to help young adults at significant risk of debt.

Saffron Building Society said its training would give financial education to care leavers and unemployed people across Essex over the next two years.

Its research found nationally 55% of people seeking debt advice were between 18 and 34 years old.

Chief executive Colin Field said: "This scheme is really important because it will really, really help the most vulnerable people we have in the Essex community."

People living at YMCA's Colchester centre are among those receiving the training.

Owen Brett said he spent two years living homeless after an issue at work "spiralled out of control".

The 22-year-old said: "Not having enough money then means you can't do much at all."

Riley Stephens, 18, said he felt "much happier" after being educated on how to manage his finances.

"Money was never talked about when I was brought up," he said.

"My main worries were not having enough savings to be able to do what I want with it.

"After this course, I'm much happier at controlling my money and knowing what I should and shouldn't save."