Five ways the Budget will affect you if you are under 25

The Budget includes several changes that will affect people under 25 in the UK, with immediate impacts on pay, saving options and housing. For 18-to-20 year-olds earning the minimum wage, pay will rise 3.9% from next April, reaching £11.27 an hour, while over-20s will be paid at least £13.21. The article notes the increase could also push a 21-year-old on the minimum wage, who took out a student loan after 2023, past the £25,000 repayment threshold, triggering repayments at 9% of earnings. Housing support expands through a new “First Time Buyer Isa” in 2029, offering a 25% government bonus up to £4,000 per year, and through England’s “Your First Home” plan, targeting 70,000 people.