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Bank charges: Some young people 'do not budget'

Some young people could be incurring credit card charges because they have not been properly taught about budgeting, an expert has said.

Yvonne Goodwin Wealth Management managing director Yvonne Goodwin explained younger adults find it "very tempting" to use credit to purchase items they want.

They will buy goods without considering how they will repay the loan charges involved in credit, she argued.

This could be because there is "very little that goes on in households to teach the children about budgeting", the specialist remarked.

Recent research from Lloyds TSB found 80 per cent of young adults in the UK ask their parents for financial support, compared with 61 per cent in the 1980s.

Mothers and fathers are told their offspring are struggling with money and occasionally say "we'll pay it off for you", Ms Goodwin declared.

"People aren't learning to live within their means," the expert stated, arguing the rising number of struggling young people is not simply because things are more expensive than they used to be.ADNFCR-2776-ID-801401516-ADNFCR

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