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Loan charges: Young people are treating debt as a 'way of life'

Young Britons are treating credit card charges and other forms of debt as a way of life, according to an industry expert.

Justin Modray of financial advice website, claimed that the younger generation still don't understand the importance of having a financial safety net.
He said: "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.

"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."

According to research by the Personal Finance Education Group, 62 per cent of 12-16-year-olds across England are worried about not having enough money in the future.

The research also found that around a third (30 per cent) of young people in the UK worry about being in debt when they are older.

Charles Baker

Charles is a reputed financial analyst with almost decades of experience under his belt. ADNFCR-2776-ID-800601196-ADNFCR

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