Young Brits see debt as way of life

Tue, 28 Jun 2011

Britain's young adults are increasingly treating debt as a way of life, it has been claimed.

According to CandidMoney.com, the younger generation do not appreciate the importance of having a financial safety net - something that could put homeowners at risk of repossession .

Spokesman Justin Modray explained that such people should try to adjust their mindset in order to secure their financial future.

"I fear far too many younger people still treat racking up debt as a way of life and the concept of building up a safety net or nest egg just isn't on their radar," he said.

"And the minority who are concerned about having a safety net may well struggle to find sufficient spare income to accumulate one in these austere times."

The comments follow research by the Personal Finance Education Group, which showed that 62 per cent of those aged 12 to 16 are worried about not having enough money in future.

Meanwhile, MoneySuperMarket.com recently revealed that the increasing cost of household bills is the biggest concern for Brits
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