Friday 19th of November 2010
Young Brits finding themselves in deep financial difficulty may start seeking individual voluntary arrangement answers in order to rein in their debts.
A spokeswoman for the Consumer Credit Counselling Service (CCCS) said she expects there to be a rise in the number of people seeking advice about the amount they are in the red as a result of a difficult jobs market and the rising cost of university.
She noted that 18 to 25-year-olds currently account for eight per cent of individuals who contact the CCCS, but this is expected to increase as a result of factors impacting a young person's economic situation.
"It is important for people of any age, but particularly [for] young people who often have smaller incomes, to be money aware," the representative stated, adding establishing good financial habits early on can benefit them in the long run.
Earlier this week, figures from Citizens Advice showed approximately 750,000 Brits under the age of 25 contacted the charity last year to ask for guidance, with the majority of people seeking help concerning debt, benefits, employment and housing issues.
By Hayley Jones
