The recent Budget announcement includes several measures that will directly affect individuals under 25. Minimum wage for 18-to-20 year-olds will increase by 3.9%, maintaining a disparity with older workers. Additionally, new initiatives aim to assist first-time homebuyers, including a savings account with government bonuses and a loan scheme for new builds.
For those not in education or employment, the Budget acknowledged ongoing challenges but offered no immediate solutions. Young entrepreneurs may benefit from a forthcoming allowance to support living costs in their first year of business, although details remain limited.