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A new website has been launched with the aim of helping young Britons avoid debt management and money problems when they reach adulthood.

The site has been established by the Financial Services Authority (FSA) and has been designed to provide information on a wide range of money-related topics in a manner likely to engage young people.

Explaining the reasons behind the launch of the "What About Money" website, the FSA pointed to its own figures that show two in three young Britons do not plan ahead when it comes to their finances.

Additionally, the authority noted research carried out by YouGov on behalf of the Rainer charity group that found 80 per cent of young people around the country were in debt when they reached the age of 21.

"What about money will ultimately help younger people to become more financially capable both now and when they plan for what they want in the future," said Chris Pond, FSA’s director for financial capability.

Last month, the charity group Credit Action complained to the Office of Fair Trading about the cheap loan advertisements on the social networking website Facebook, which it feels are specifically targeted at young consumers.

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