Unemployed Youth Benefit from Prepaid Credit Cards
Unemployment figures are predicted to highlight the new crisis in youth unemployment as many 18-24 year olds remain unable to find jobs.
If you are currently unemployed and struggling to find work, a good way to maintain control over your outgoings and lessen the risk of racking up credit card debt is to budget using a prepaid credit card.
Research by TUC showed that between April and June this year unemployment lasting up to six months for young people aged 18-24 had increased by 43,000 while in the same period unemployment for the 25- 49 year olds had fallen.
The level of long-term unemployment also looks bleak; according to the TUC in June there were 192,000 young people who had been out of work for over 12 months, the highest level of youth unemployment since January 1995.
“Thousands of young workers across the UK are joining the dole queues every month and that is a real cause for concern,” said Brendan Barber, TUC general secretary.
“At the moment, it appears there are simply not enough jobs for young people to do. It is therefore particularly alarming that the Government has cut funding for the Future Jobs Fund.”
The level of unemployment in the youth group has been steadily rising for two months currently hitting the 728,000 mark growing closer to the September 2009 peak of 749,000.
As there are a declining number of suitable job vacancies for this age group this figure looks set to increase even further, the research showed there are five unemployed young people for every job vacancy that opens up.
A large number of jobs available are unlikely to be offered to the 18-24 year olds, as young people have fewer skills and less experience than older people applying for many of the 37,000 vacancies in professional and scientific activities.
Benefits of a Prepaid Credit Card
A prepaid credit card is ideal for those who are unemployed and struggling to stick to a strict budget. Unlike a usual credit card anyone can apply for a prepaid credit card as eligibility is not based on income and credit history.
It is vital to compare prepaid credit card providers to ensure you get an offer that suits your financial situation.