Recession fears strike young Brits

Many young British consumers have been struck with fear over the state of the economy and the prospect of recession, according to recent research.

Debt management problems are squeezing thousands of young families and economic issues are taking their toll on Britons aged between 24 and 34 who have only recently been able to get on to the housing ladder.

Fool.co.uk reports that close to a quarter of the homeowners in this age bracket are worried about negative equity and most say that their debt management plan consists of riding out the current economic problems.

“Young people who have not experienced previous recessions are understandably worried about the property market,” said David Kuo, head of personal finance at Fool.co.uk.

The Guardian’s economic expert Deborah Hargreaves warned last week that the credit crunch is about to hit home with British families who are already struggling to become debt free.