Young people burdened by debt

Half of 18 to 24-year-olds regularly fret about money while more than a third have debts other than student loans and mortgages, new research has revealed.

A survey by National Debtline found that 37% of 18 to 24-yearolds are in debt, owing an average of almost £3,000.

But when student loans are included, more than two thirds of young people have some form of borrowing – with the average student loan sitting at £25,505.

Credit cards, overdrafts and loans from family and friends were common borrowing habits among 18 to 24-year-olds, the research – published in a new report yesterday – suggested.

Many young people are struggling to sleep and feel their debts are a “heavy burden”, despite the majority of young people striving to manage their money, National Debtline said.

The survey of more than 2,000 18 to 24-year-olds by YouGov found 69% have set a budget they try to stick to, while 71% check their bank account online at least once a week. Yet a mere 2% of young people have sought expert advice from a money or debt charity.

Joanna Elson, chief executive of the Money Advice Trust, which runs National Debtline, said: “It is crucial that anyone struggling to cope with their debts seek free advice from a debt charity like National Debtline straight away – as the earlier you seek advice, the quicker and easier the problem will be to solve.”