Young adults seeing debts mount
Young adults seeing debts mount
Tuesday 21st October 2008
Research conducted by the Chartered Insurance Institute and the thinktank Reform discovered that around 20 per cent of those aged between 18 and 34 have unsecured debts of more than £10,000.
The average debt, excluding mortgages, among the age group is approximately £6,000, while nearly a third of them have no savings.
Those trends, coupled with the downturn in the value of pensions, led the report's author Lucy Parsons, Reform's senior economics researcher, to conclude that today's young adults could be storing up a lifetime of financial problems for themselves.
"We are living in 'broke Britain', not broken Britain and my generation is suffering," said Ms Parsons.
The research was published on the same day as a report compiled by uSwitch, which revealed the cost of taking out a personal loan is still increasing despite the recent cut in the base rate.
News article brought to you by Debt 1 - For Debt Help and Advice
Related News
Borrowers 'rejected by lenders' - 17/10/08
Britons looking to take out a loan or a new credit card because they are heavily in debt are unlikely to be successful, a study has revealed
Britons looking to take out a loan or a new credit card because they are heavily in debt are unlikely to be successful, a study has revealed
Britons 'clueless' over pensions - 13/10/08
Britons are so focussed on what little cash they currently have in their wallets that they are clueless when it comes to saving for retirement, it has been suggested
Britons are so focussed on what little cash they currently have in their wallets that they are clueless when it comes to saving for retirement, it has been suggested
Sub-prime borrowers attempt to improve credit rating - 08/10/08
Debt-hit Britons are attempting to improve their battered credit records, a new study has shown
Debt-hit Britons are attempting to improve their battered credit records, a new study has shown
Loan repayment rates hiked by up to 9% - 06/10/08
Lenders have hiked rates on personal loans by as much as nine per cent in the last 28 days, as debt pressure continues to pile up on cash-strapped borrowers
Lenders have hiked rates on personal loans by as much as nine per cent in the last 28 days, as debt pressure continues to pile up on cash-strapped borrowers
Retirees 'still paying off debt' - 02/10/08
Nearly one quarter (24 per cent) of pensioners use lump sum retirement funds to help with their debt management, according to Scottish Widows
Nearly one quarter (24 per cent) of pensioners use lump sum retirement funds to help with their debt management, according to Scottish Widows
News Article Search
Quick Apply
News Archive