Young Brits ‘accustomed to debt’

Recent figures from Engage Mutual show that Britons aged under 25 are now more likely to take out a mortgage at a younger age than was the case for their grandparents, despite house prices nationwide continuing to increase.

Much of the reason for this the finances firm maintains is because of the more general acceptance of debt management as a part of modern life for young adults in Britain.

Karl Elliott, 3GB spokesperson for Engage Mutual, said: “Young people today face a very different financial landscape than today’s retirees faced forty years ago.

“With consumer debt at an all-time high, 125 per cent mortgages readily available and credit at our fingertips, today’s young generation has become more accustomed to living with debt.”

In March of this year, a report from the Consumer Credit Counselling Service claimed that homeowners in the UK can expect to be “on the rack” financially throughout 2007.