Citing Consumer Credit Counselling Service (CCCS) figures the OFT claims 18 to 24-year-olds in Britain now have an average of Â£12,790 worth of personal loan, overdraft and credit card debt and the organisation is encouraging young people to become more financially responsible.
With this in mind the OFT is keen to see young Britons become more aware of their rights as consumers and is advising them to shop around to get a better deal on the goods and services they pay for.
“The amount spent by young people is enormous and they are increasingly involved in spending decisions whether it is mobile phones, computer games or traditional areas like clothes,” said OFT consumer education spokesperson Paul Burton.
“Having a skilled group of consumers shopping around and aware of their rights benefits us all,” he added.
Earlier this year, a report from the CCCS suggested that British women are often deterred from entering bankruptcy – even if this is their most appropriate debt solution – because of a perceived stigma.