Young people concerned about debt

Posted 2008-04-23

New research from Abbey Banking has found that debt is a big concern for young people in the UK.

A survey of 11 to 15-year-olds found that 21 per cent fear getting into debt as an adult while nine per cent are worried about not being able to afford a mortgage when they got older.

Speaking to Money High Street, Steve Shore, director of Abbey Banking, believes parents can help teach their kids about saving and alleviate some of their fears about their future finances.

"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," he told the site.

The survey found that young people were worried about needing a financial aid tool such as an IVA.

According to Moneyfacts, parents should begin putting money aside for their children from the moment they are born.

Leave a Reply