New account for school leavers

Young workers are set to benefit from the services of over 2,000 finance advisers with the launch of HSBC's new bank account.

12:25 02 June 2004

Young workers between18 and 21 are set to benefit from the services of over 2,000 finance advisers with the launch of HSBC's new youth bank account.

It is tailored specifically for the two-thirds of school leavers who decide not to continue on to higher education.

Rebecca Stephenson, head of youth accounts at HSBC said: "HSBC thinks that it's as important to offer financial advice to the young entrepreneurs of tomorrow as it is to help the undergraduates of today."

Each account holder will get financial advice through face-to-face reviews with a trained adviser, which will cover both long-term financial goals and help with immediate issues like budgeting.

This is the first scheme which offers an adviser for those who choose not to go to university.

Ms Stephenson continued by pointing out that: "Nearly one in ten young workers are already earning over 20,000 a year, that's just 1,400 less than the average graduate starting salary at 21 years old. So it's no wonder that so many bright, young people are actively choosing to get into working life as soon as possible."

Commenting on the general economic trends she said: "2004 has seen a boost in the job market, unemployment is down and we are now living in the most buoyant economy for years. It's entirely achievable for school leavers to one day make the 'rich list', and not necessarily with a degree."