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Unemployment falls by 50,000

Unemployment fell by 50,000 between June and August to 2.53 million, official figures released today showed.

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Britain 'runs the risk' of setting young people up for failure

This fall is welcome news, but we must not underestimate the scale of the youth unemployment challenge that this country faces. Nearly a million young people are still struggling to find work - and the truth is that we are making the problem worse by allowing them to leave school without the skills they need to manage their finances in tough times.

Budgeting the money that you have, understanding how benefits work and knowing where to go to get help are just some of the financial skills that are absolutely essential when searching for your first job. And yet millions of young people are leaving school without the financial education they need.

At the moment, we run the risk of setting young people up for failure. We urgently need financial education to be taught in every school in the UK, to ensure that all young people enter adult life with the skills they need to be able to survive and thrive in our economy.

– Tracey Bleakley, Chief Executive of Personal Finance Education Group

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