Younger Brits getting into more debt

Wed, 02 Nov 2011

Many Brits are getting into higher levels of debt at a younger age, new research has shown.

The Debt and the Generations report, which was commissioned by the Consumer Credit Counselling Service (CCCS) and conducted by the Financial Inclusion Centre think-tank, suggested youngsters will be unable to acquire assets in the same manner as their parents and grandparents.

According to the study, those under the age of 40 are building up greater debts, experiencing more difficulty when trying to save and facing reductions in real income levels.

In addition, it was demonstrated that more than one million households in the 18-39 age demographic are already having problems financially, with 893,000 at risk of facing monetary trouble in the near future.

Wilf Stevenson, chairman of the CCCS - which has been in operation since 1993 and helps around 500,000 people with money issues every year - said many individuals are facing a worrying future.

The industry figure noted: "Higher debts and fewer assets will put many in a precarious financial position and these trends threaten to impact considerably on quality of life in later years."
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