Under 40s most likely to seek debt help

People who are in work, rent a property and are aged under 40 make up the biggest proportion of clients of a debt support charity.

Stepchange said a record number of people contacted it for help last year, with a significant increase in the number of single parents asking for support.

It also shows that clients with children, both single parents and couples, are over-represented in relation to the percentage of the total UK population that they make up. The biggest category of consumer debt was credit cards, which was a source of debt in 68 per cent of cases.

Becky O’connor, personal finance specialist at Royal London, said: “The demographics of this one debt charity’s clients tell us a story of intergenerational inequality, with debt affecting younger people under 40 the most.”