Report shows young people in fear of debt
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.”