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For the average teenager, the myriad of loans, mortgages and credit cards on offer is mind-boggling – which is why five lads from Moss Side’s Manchester Academy have written 'Easy Money', a handy guide to personal finance that includes practical lessons in financial management written 'for young people by young people'.

One of the authors, Wayne Ramwell, says the idea for the book came after the five read a rather shocking article about teenage finance online.

'Easy Money' author Wayne Ramwell

"A ´óÏó´«Ã½ News article stated that ’80 per cent of all teenagers by the age of 18 are in debt’. We thought that this was a substantial percentage and so decided to come up with the antidote to that problem, aimed at teaching young people about the practicalities of money."

Overcoming debt

Wayne says that there are a multitude of money matters facing teenagers today and admits that the five lads have had first hand experience of debt issues, not least of which was when they started their own business, Golden Moment.

"We originally started off by selling roses on Valentine's Day as part of a Young Enterprise Programme. We quickly learned how easy it was to get into debt as we didn't manage to make any profit on the roses. We later persevered with the company but came up with a more unique idea.

"As we managed to overcome our debt, we thought we would try and help other young people to come over their debts.

"Young people need a book to teach them about the practicalities of money because then they can learn good financial habits at an earlier age, making them more financially aware when they are older, which means that they are less likely to get into debt."

Wayne’s also certain that the book "will help minimise the number of teenagers that get into debt and so will improve the economy in the long run".

Enter a Dragon

That's a sound sentiment to have in these credit-crunching times and one that has got them noticed by the wider financial community and the celebrity multi-millionaire businessman, Peter Jones, who invited them to London for the launch of his National Enterprise Academy.

Understandably, Wayne says meeting him was "a fantastic experience".

The authors meet Peter Jones

"He was very impressed with the book and genuinely seemed surprised with our initiative. It was great to get such positive feedback from such a renowned and respected businessman.

"It is the greatest feeling when you get a person who likes the final outcome of your product, as it means that all your hard work and determination has paid off. It makes you feel that all your hard work and perseverance has been a success!"

For all Peter’s subsequent help and advice to the five, Wayne says that the book wouldn’t even have come into existence without the help of a local businessman, Ben Turney, and their school business teacher, Linda Golding.

"Ben was originally involved in the project through Linda. She introduced us to him and he became our advisor. We asked him to guide us through the business process and he believed in our idea."

Saving, sums and shopping around

It’s no surprise he did. The book offers a plethora of advice on all aspects of finance which would help anyone, not just teenagers, trying to pick their way through the world of money.

"The best tip is the one which tells you to save a tenth of all you earn. This is a crucial tip as it means that young people's financial future will be secured, especially after they seek employment.

"Another useful and practical tip is to make sure you shop around for the best possible deals on offer. We cannot stress enough that you should not immediately pay for something or enter a contract without understanding it or shopping around for the deal that suits you best.

"My last tip is that whenever you borrow money, make sure beforehand that you work out your individual expenditure, so that you know what you can afford to pay back."

With such sound advice, the five 'Easy Money' authors might actually make an impact on that staggering figure that first inspired them to write the guide and help more than just themselves be certain of a more secure financial future.

'Easy Money' is published by Golden Moment and available now