Young people may be at greater risk of debt

Mon, 11 Jun 2012

Many young people in the UK may be at greater risk of future because they are failing to manage their finances responsibly.

New findings from Skipton Building Society have shown there is a prevailing feeling that individuals in their early 20s are failing to grow up and get to grips with their money issues.

According to the investigation, 44 per cent of Britons feel people are stuck in financial adolescence because of current economic uncertainty.

It was demonstrated that youngsters are failing to progress in life as quickly as they would like because they are unable to achieve certain milestones, such as purchasing a house, becoming financially independent of their parents and paying towards a pension .

Moreover, debt troubles could be on the cards for many young people because they are struggling to keep their cash flow in order and finding it difficult to budget responsibly.

Tracy Fletcher, head of corporate communications for Skipton Building Society, noted: "These findings are a stark reflection of contemporary Britain, and the impact the aftermath of the global financial crisis is having on our most basic expectations."
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