MORE than a third of young people have debts of almost £3,000 and half say they are worried about money.

The statistics from the Money Advice Trust formed the basis of a council motion to help youngsters in the borough manage their money, set up bank accounts and learn how to save.

The Labour party's motion was proposed by Bury Council cabinet member for finance and housing Cllr Eamonn O'Brien.

Speaking to the assembled councillors tonight he said: "What this motion seeks is to highlight the issues of concern the Money Advice Trust found.

"That more than a third of young people have debts of £3,000, not including student loans and mortgages."

Cllr O'Brien told councillors and public present at the town hall that there are three issues facing young people financially — rising rents, car finance and credit cards which they are using to fund their day to day living.

Cllr O'Brien said: "As a council we can't fix it ourselves but that doesn't mean we can stand by."

The cabinet member put forward a motion to explore setting up a young savers credit union scheme, to launch a trial scheme in September, work with different parties to create and support the credit union and to encourage school governing bodies to support their centres to deliver advice on money management and borrowing.

When proposing the motion Cllr O'Brien shared that he himself had set up a savings scheme with HSBC while he was in high school which had helped him when he came to support himself.

The motion drew criticism from the Conservative group as Cllr Bob Caserta felt it was light on detail, for example the term 'young people' is not defined.

Cllr Caserta said: "I have a great deal of sympathy for this motion it's just the detail."

He also questioned where the resources within the council to support and set up such a scheme might come from.

He said: "I'm not sure what we want to do. I would have to vote against, as it is but I'm loathe to do that because the principal is correct."

Conservative, Cllr Roy Walker also expressed concern about the detail, asking which school would be taking part in the pilot. He added that he had also set up a youth saver account with the Post Office when he was younger, the difference being his mum took him to set it up rather than his school.

Cllr O'Brien clarified that the council would be working with others to guide the set up of the scheme rather than creating such a scheme itself. He said: "I was purposefully light on details because we want flexibility because it's not something the council will be doing itself.

"It's about working with partners like schools and banks.

"The council's role is to bring these people together."

He did not confirm which school would be taking part and did not clarify the age ranges, though the Money Advice Trust figures are based on data from 18-24 year olds.

The motion was passed by the Labour and Liberal Democrat groups. The Conservatives voted against with the exception of Cllr Caserta who abstained from voting.