IPOD generation ''to suffer worst in credit crisis''

By MoneyhighStreet Staff. Published on October 21, 2008 This post currently has no comments.

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The economic downturn is likely to hit the "IPOD generation" the hardest, thinktank Reform and the Chartered Insurance Institute warned in a report today.

According to the new analysis, the 18-34 age group is insecure, pressurised, over-taxed and debt-ridden (IPOD).

For example, the typical Briton in this age group holds around £6,000 in unsecured debts.

Moreover, one third has no savings at all.

With unemployment set to rise to two million by the end of the year and negative GDP growth predicted by experts, the IPOD generation could be left particularly exposed.

Moreover, uSwitch revealed yesterday that unsecured loan APRs had been hiked by ten separate providers recently, in response to the credit crunch conditions.

Report author Lucy Parsons said: "We are living in ''broke Britain'', not broken Britain, and my generation is suffering."

She added: "We are potentially more capable of managing our money than previous generations, but we have been let down by the financial establishment and government."