A £200,000 scheme has been set up to help young adults at significant risk of debt.

Saffron Building Society said its training would provide financial education to care leavers and the unemployed in Essex over the next two years.

Its research found that nationally, 55% of people seeking debt advice were aged 18 to 34.

Chief executive Colin Field said: “This scheme is really important because it will really, really help the most vulnerable people we have in the Essex community.”

The training will provide participants with expert financial management skills and the ability to apply for grants.

Figures show 29% of care leavers in Essex were living independently, compared to 35% nationally.

“No young adult should struggle because they haven’t received the basic education on how to manage their money,” added Field.

People living at the YMCA’s Colchester center are among those receiving the training.

Owen Brett said he spent two years homeless after a problem at work “went out of control”.

The 22-year-old said: “Not having enough money means you can’t do much at all.”

Riley Stephens, 18, said he felt “much happier” after learning how to manage his finances.

“We never talked about money when I was growing up,” he said.

“My main concern was not having enough savings to be able to do what I want with it.

“After this course, I am much happier being in control of my money and knowing what I should and should not save.”