Young people 'are still struggling with debt'
Published On 28 March 2008
Young people are still getting into serious debt, and are now turning to their parents to help them out financially, a financial expert has revealed.A saving expert from Scottish Widows, Anne Young, pointed to recent research carried out by the lender that had showed that parents are typically spending over £12,000 to help their adult children get out of debt.
Ms Young explained that attitudes towards debt have shifted among young people and this means that they are increasingly prepared to borrow money to finance their education or enjoy a certain lifestyle.
"A lot of children now are going into their working life with a lot of debt hanging over them, probably as a result of further education and student debts.
"But also it's the proliferation of credit that is available now. A lot of children find themselves spending on credit cards up to their limit; I don't think we really do enough in educating our young people to manage their credit."
In conclusion, Ms Young said that debt was "too easily available now" and this could lead to problems in the future.
