Millennials Saw Their Debts Increase Most During Pandemic, Study Finds

People aged between 25 and 34 have accrued the most personal debt over the course of the pandemic, according to a new set of figures.

So-called Millennials who fall into that age bracket are believed to have taken on an average of £2,673 in debt per person since March 2020 and the beginning of the coronavirus crisis.

Meanwhile, their older counterparts aged 55 and over are estimated to have taken on debt at an average of £1,000 less per person during the same timeframe.

Across the UK adult population as a whole, personal debt levels are now understood to stand at around £6,338 per person, excluding mortgages.

Those figures have been put together for the savings website VoucherCodes.co.uk, which found that financial matters have become a source of worry on a daily basis for more than a third (36 per cent) of adults of all ages throughout the country.

Just less than a quarter (23 per cent) of people have taken on over £1,000 in extra debt since the start of the pandemic, while one in 10 are believed to have added more than £3,000 to their overall debt levels.

According to VoucherCodes.co.uk, Edinburgh has the highest concentration of indebted people anywhere in Scotland, with an estimated 44 per cent of residents of the city believed to be in the red to some extent.

The website also found that roughly 12 per cent of Brits are likely to add further to their debts before June 21st and the scheduled end of the current Covid-19 restrictions.

“This research proves just how much of an impact the pandemic has had on our finances and our concerns around money,” said Anita Naik from VoucherCodes.co.uk.

“It’s particularly worrying to learn that more than a third of us have had anxieties about finances every day this year,” she added.

“With many of us feeling daunted about managing money after lockdown, now is the perfect time to put in place some simple habits that will help keep your finances in order.”

If you live anywhere in Scotland and you’re worried about your personal debts then Scotland Debt Solutions can help. Contact us directly to arrange a FREE and confidential consultation.