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Young workers on low pay at risk

Wednesday February 15th 2012

A survey has revealed a "worrying" financial trend for workers aged 16 to 29 who earn less than £21,000.

The Institute for Public Policy Research (IPPR) said one in five people in this category do not have enough money to fall back on if they lose their jobs and are putting themselves at risk.

The IPPR said these "particularly vulnerable" workers admit that they would only have enough to support themselves for a month if they found themselves out of work.

Over a quarter said they could survive for four to 11 weeks but 17% said they would struggle to support themselves for more than three weeks.

The researchers said the Government needs to put more measures in place to help young people save and revamp bank accounts like Isas which the IPPR said only benefit those who already have money.

Nearly three quarters of the 16 to 29 year-olds said they wanted to invest in property, but only one in five had over £5,000 in their bank to secure a deposit.

Copyright Press Association 2012

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