Dismantling Barriers, Empowering Futures: How Aldermore is Supporting Young People Today

While recent months and years have proved challenging for all of us due to the increasing cost of living, it is often the youngest generations that are struggling the most.

With the hope that change is on the horizon following the recent general election, it’s up to us all to support and guide young people today to strive for a more positive future that’s within their control.

So at Aldermore we are focusing efforts to equip young people with the advice and support they need to achieve more in life.

In 2024, young people are struggling to save for a home, with the average deposit for first-time buyers in the UK at £84,697—an overwhelming sum given that the average salary for 18-21-year-olds is just £22,932. Rent isn’t a better option either, as average rent in the UK reached £1,223 per month in April 2024.

And 40 per cent of parents with adult children worry their kids don’t save enough, while many parents regularly support them financially. But not all young adults have access to such help.

Aldermore understands the importance of financial support in increasing social mobility and improving society. Their tailored mortgage products, designed for first-time buyers with small deposits or complex financial situations, reflect this commitment.

And their efforts focus on education as well.

“We know that by speaking to young people and encouraging them to learn these skills at a younger age, they are then substantially better equipped to deal with the realities of life such as saving, investing money well, running a business and buying property.” says Alexandra Pierce, their Director of Talent, Engagement, and Culture.

Their Aspire program delivers digital financial literacy to secondary students in Manchester and Cardiff, reaching over 1,000 pupils across 26 schools. It teaches key economic concepts like the impact of the economy, saving, investing, and portfolio diversification. Students gain insights into business funding, investment timing, and risk management, equipping them with the essential skills needed to make informed decisions in the current financial landscape.

“We’re advocates of social mobility at Aldermore, and we’re using our influence to make a difference in the lives of young people” said their CEO, Steven Cooper CBE.

“If we can encourage the younger generations to have a sense of assurance when it comes to understanding finance, we can build a better society for us all.

“And we want that to continue for confidence in the workplace. That’s why we believe in giving opportunity and backing those who may not have previously had access to that.”

For Aldermore employees themselves, a range of further education and apprenticeship opportunities are available. In the past 12 months, Aldermore have invested over £300,000 of their apprenticeship levy funds into offering development to new apprenticeships and growing the careers of our existing colleagues. There are currently 109 Aldermore employees studying towards an apprenticeship qualification, with 64 new apprenticeship positions created.

Aldermore understand that education is a primary factor in facilitating social mobility. And we are willing and able to put this into practice, to work towards a better future for all