Debt management advice could rise with increase in 'financial rationality'
Debt management advice could rise with increase in 'financial rationality'
Monday 10th August 2009
The Generation Recession Report, commissioned by Friends Provident and undertaken by the Social Issues Research Centre, shows that one-fifth of people have been prompted to readjust their finances as a result of the economic downturn.
This readjustment could encourage people who are struggling financially to seek professional debt management help in order to prepare for the future.
The report also found that 68 per cent of people remain concerned about the recession, with 20 per cent suffering from depression since the economic collapse.
Furthermore, 25 per cent of those aged between 26 and 30 believe being in debt is unacceptable. By contrast, only nine per cent of people over the age of 55 felt the same.
Dr Peter Marsh, author of the report, said that the findings highlighted an increased awareness of debt by today's younger generation.
He said: "What the data indicates … is that today's generation of 'emerged' adults takes a rather more cautious approach to debt than that of their parents."
The emergence of such a trend was suggested by Simon Clamp, Friends Provident managing director UK, to be "encouraging".
He said: "It is particularly encouraging to see the positive impact the recession has had on the way in which young people regard and deal with their finances."
Young people who find themselves in financial difficulties and wish to deal with the problem could consider seeking debt management advice.
Earlier this year The Princes Trust warned that young people would be hardest hit by the recession.
News article brought to you by Debt1 – UK debt management specialists
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