Re­port shows young peo­ple in fear of debt

Belfast Telegraph - Business Telegraph - - News - BY ALAN JONES

MORE than one in three young peo­ple fear they will still be in debt by the time they are 40, a new study re­veals.

Re­search of more than 4,000 young peo­ple by the Young Women’s Trust found that one in five are in debt all the time, a quar­ter have worse debt lev­els now than last year, and 36% do not think they will be out of debt any time soon.

Young women are more likely to be in a dif­fi­cult fi­nan­cial sit­u­a­tion than men, with 40% strug­gling to make their cash last to the end of the month, com­pared to 29% of young men.

Chief ex­ec­u­tive of the Young Woman’s Trust, Dr Ca­role Eas­ton, said: “Young women re­main more likely to be out of work, on low pay or in inse­cure work, which makes it hard to make ends meet. It is there­fore no won­der that they are more likely to be in debt and see lit­tle hope of es­cap­ing that in fu­ture. Young Women’s Trust is ask­ing the gov­ern­ment to give young women the right skills and sup­port to find jobs, en­sure de­cent and flex­i­ble jobs are avail­able, and ex­tend the Na­tional Liv­ing Wage to un­der-25s, so they are paid the same amount for the same work.”

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