Debt advice may come too late for young

Many older people would advise their 20-year-old selves against getting into too much debt were they able to travel back in time, a poll has found.

The Bright Grey Financial Safety Net Report has revealed a quarter of Britons aged over 35 would tell their younger selves to take more interest in their finances.

Debt issues would be prominent among this, with 30 per cent saying they would pass on the tip to pay off any money owed much sooner, while 26 per cent would caution against getting into any credit card debt at all and do away with plastic.

Others would seek to prioritise savings more, with issues like pensions and house deposits in mind.

Managing director of Bright Grey Roger Edwards commented: "Clearly we all live and learn and it is encouraging to see that many people see the importance of taking an interest in their financial situation and would have started it at an earlier age if they could have their time again."

Of course, for many the situation is now very different, with high debts, large credit card balances – often spread across many accounts – and a burden of repayments that makes it hard to find cash to make ends meet, let alone set aside cash for the future.

For some, this situation may be so severe that debt help may be required, from a debt management plan to insolvency measures such as individual voluntary arrangements or bankruptcy.

Many people not much older than 20 are already struggling with their finances and this can often hit their parents in the pocket.

A study by LV= revealed this week that parents with adult children over 21 have to fork out £2,103 a year to help with regular bills, with many also giving extra help to pay for larger financial commitments like white goods and housing deposits.

Posted by Paul Thacker