Personal Debts are a ‘Heavy Burden’ for a Third of Young Adults
September 7, 2016
Personal debts are a “heavy burden” for 32 per cent of 18 to 24 year olds around the UK, according to recent research.
A study carried out on behalf of the Money Advice Trust has found that credit card arrears and other forms of personal debt are a source of real concern for many thousands of young adults throughout the country.
The research was commissioned after figures showed that while under-25s account for 21 per cent of the UK’s over-indebted population, they only make up 12 per cent of callers to the National Debtline.
According to the latest numbers, a majority (51 per cent) of young adults worry about money on a regular basis and just over a fifth (21 per cent) sometimes find themselves unable to sleep because financial concerns are playing on their minds.
Notably, women in the under-25s age bracket were considerably more likely to worry about money and to lose sleep over financial issues than their male counterparts.
It was also found that roughly 10 per cent of the UK’s young adults have fallen behind with important financial commitments over the past year, with 7 per cent having missed either a rent or mortgage payment during that time.
A key concern for the Money Advice Trust in light of its own findings is that so few young men and women are reaching out for advice and expert guidance in dealing with their finances and debt management issues they may be struggling with.
Research suggests that 63 per cent of 18 to 24-year-olds have asked a parent for advice on financial matters but only 2 per cent have ever sought guidance from professionals in the field.
“With many young people beginning to build up debts soon after they turn 18, we face a real challenge as a society to make sure they receive the support they need to manage their money well,” wrote the Money Advice Trust’s chief executive Joanna Elson in a foreword to her organisation’s report entitled ‘Borrowed Years’.
“Crucially, we know that far too few young people are seeking the free advice they need when they fall into financial difficulty,” she wrote.
“If we let this situation continue, there is a real risk that young debts will become old debts, with the financial prospects and life chances of young adults being negatively affected as a result.”
If you live in Scotland and are struggling to cope with your personal debts then Scotland Debt Solutions can help. Call one of our experts directly to arrange a free and confidential consultation.
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