Challenge aims to promote financial understanding

A challenge laid down by the ifs School of Finance has received thousands of entrants as it aims to encourage a greater understanding of money-related issues among the UK’s young consumers.

Young people are increasingly finding themselves struggling to deal with debt management problems and the Student Investor Challenge has been designed to help buck this growing trend, its organisers explain.

The competition gets underway next month and offers students from around the country the chance to practice their money management skills by investing a fictional £1,000 on the stock market.

“Gaining and developing an interest in business, finance and investments through the ifs Student Investor Challenge is an incredibly useful experience and we are delighted that so many teenagers will again be doing so,” said Rod McKee, head of financial capability at the ifs School of Finance.

A report from NatWest suggested recently that many young consumers across the UK are reluctant to take the advice of their parents when it comes to issues of debt management and personal finance.