This is what caught our attention this week - in three minutes

This is what caught our attention this week - in three minutes

Here's the money news you might have missed this week, and some other stuff we've enjoyed or found interesting. It is Friday after all.

The number that made us wince

It did not escape our attention that the US student loan burden has swelled past $1.5 TRILLION. A report by S&P Global revealed the overall size of US student debt has grown by $500 billion since the 2010-11 academic year. 

It's one of many reasons age-old financial advice needs updating for millennials

The publication calling time on millennial-bashing this week

The Independent's Lifestyle Barometer, a guide to what's hot and what's not this week, has declared millennial bashing is "going down". 

Joining the long list of things that are crumbling thanks to millennials, is the humble potato, wrote Sarah Young on Sunday.

According to a report by The Grocer, potato sales have fallen 5.4% since 2015 due to 18 to 34-year-olds favouring “healthy, convenient and exotic” options over fattening carbs. 

Podcast of the week

This is Money dedicated their podcast to helping listeners get on the property ladder. Click here for everything you need to know about buying a home - from hunt to completion

Worth a listen on your commute next week if this is on your mind. This is Money editor Simon Lambert, assistant editor Lee Boyce and host Georgie Frost will talk you through it. 

If you're after more podcast inspiration, here are our top 14 money podcasts

The Isa for first-time buyers that's been in the news

A total of 166,000 Lifetime Isa (Lisa) accounts were opened last year, less than the 200,000 expected, according to figures published by HM Revenue & Customs (HMRC) this week

This comes as some MPs have called for it to be abolished due to its complexity. 

It was introduced in April last year and is aimed under-40s who want to save for retirement or buy a first home. MoneyLens' David Brett has written a two-minute guide to the Lisa here.

What we're doing to switch off

It emerged that classical music station Classic FM has seen a 30% jump in millennial listeners in the past 18 months. The Guardian puts this down to us being "wired and tired"

If you can relate, why not read Louisa's piece about how our use of technology affects productivity.

The day we didn't want to see

"Earth Overshoot Day" - when global consumption of natural resources exceeds the planet’s bio-capacity - has come earlier than ever in 2018. The sustainable investment team at Schroders, where we work, has dug deeper, but essentially we are living way beyond our planet's means.

The business collapse some have cheered but others haven’t

Wonga, the controversial payday lender, filed for administrated this week after a flood of compensation claims (it was cue for some celebration online). Payday lenders lend customers small amounts of money at high interest rates on the basis that the loan will be repaid when the borrower gets paid. Wonga’s practices, including the affordability of loans, lending criteria and advertising, faced criticism. For a potted history, try this Money Marketing article.

But campaigners have warned touch economic conditions will force people to take out high-cost debt despite its collapse.

Our own Claire Walsh tweeted: “Not sure about the jubilation… obviously Wonga staff will lose jobs and as the sector as whole demonised & less credit options this could push vulnerable people to loan sharks, etc."

Money tip of the week

Clear Barrett, Personal Finance Editor at the Financial Times, tweeted (@ClaerB) some wise words for students: only take cash to the pub.

Claer B tweet

What we've been watching

Liam and Maggie are loving Vox's well-edited and easily-digestible videos. Vox have partnered with Netflix for a series called Explained and Liam says: "I love having a 15-20-minute video on an educational topic to watch when they're as well-presented as these are. I'd recommend browsing through their playlists to get an idea of the breadth of topics." Favourites include the Racial Wealth Gap, Cryptocurrency and The Stock Market.

What everyone's been retweeting

"HEY today is the WB's bday" popped up on my screen this week. It was referring to Warren Buffett, of course.

He divided opinion among millennials at a Young Investor Day event we attended last week (out of touch technophobe or investing guru?). But he's done pretty well for himself - he is the third-richest man in the world and investors hang on his every word. That's why we have a round-up of our 21 favourite Warren Buffett quotes here

Anyway, it seems a fake Warren Buffett Twitter account has also been getting a lot of attention recently. @warrenbuffet99's 10-point advice for young people got more than 120,000 retweets before the account was suspended.

One of the fake Warren Buffett account's tweets

The real WB (WarrenBuffett) has only ever tweeted nine times. Still has a whopping 1.43 million followers, though. We told you investors hang on his every word!  

Positive thought of the week

From Channel 4’s Ways to Change the World podcast, Richard Curtis, the screenwriter of Love Actually, Notting Hill and Four Weddings and a Funeral, puts things in perspective. A clip posted on Twitter had more than 10,000 retweets this week, but you can watch the whole thing here via Youtube.

Richard Curtis on the future of charity, his films and optimism:

What happened in 2008? I asked a millennial economist to explain the financial crisis

What happened in 2008? I asked a millennial economist to explain the financial crisis

Now that we're officially overspending, we need to swap 'FOMO' for 'JOMO'

Now that we're officially overspending, we need to swap 'FOMO' for 'JOMO'