Debt ‘is affecting the younger generation the most’

Young adults are more likely to be affected by debt than older generations, according to a report.

The study from R3 shows a quarter of 18 to 24-year-olds cannot face opening their bills and a similar amount of youngsters are avoiding contact with people to whom they owe money.

In contrast, around ten per cent of over 65s admit to those habits.

Steven Law, president of R3, said: “Younger generations are still operating on the basis that high levels of debt are normal and the consequences of this have created a clear generational split.”

He encouraged those struggling with money to seek debt help and made people aware that the first meeting with most companies is free as they assess how to help.

Meanwhile, Citizens Advice is warning those with money problems not to fall for fake loan scams and to be wary of making a payment upfront for such services.

By James Perkins