Kids 'are worried about future debt'
Published On 24 April 2008
Young people in the UK are increasingly worried about getting into debt in later life and possibly needing to use financial products like IVAs, a new study has shown.Research from Abbey Banking indicated that 21 per cent of children aged between 11 and 15 said their biggest fear for the future was that they would get into debt.
What's more, one in ten (nine per cent) said they were concerned they would never be able to afford a mortgage and get onto the property ladder.
"The news is fairly extreme and shows just how much information children absorb," commented Steve Shore, director of Abbey Banking.
"Parents can calm their children's fears on issues such as house prices and concentrate on teaching their children good financial habits such as saving their pocket money.
"Kids should also be taught about products such as current accounts, as this will hold them in good stead for later years and helps teach them to manage their money and spending early."
A recent CreditExpert report noted that 34 per cent of UK adults admitted they got into debt because they spent more than they could afford in order to "keep up" with wealthier friends.
