Younger generations ‘have a better handle on debt’

Younger generations of British consumers have a better idea about how to handle their debts than their older counterparts, it has been suggested.

Writing for the Observer recently, Huma Qureshi makes the case that teenagers across the country have developed a better understanding of how to maintain control of their debts than their parents’ generation.

In fact, many young Britons are teaching their parents how to avoid debt management problems and to have a healthier bank balance, according to Ms Qureshi.

A host of young Britons explained to the columnist how they have already developed some good financial habits and are aiming to avoid debt problems as they go through life.

“Until recently, credit was always so easy for us to get hold of and you could buy on impulse,” said Carl Horne, director at Urelife, a new pre-pay cash card for young people.

“But now we have to start reining in and as we do our children are starting to learn that they need to manage their finances better.”

Last week, mobile banking firm Monilink reported that more than two-thirds of young Britons have gone into debt in order to fund purchases they hope will make them seem cool.