Debt is causing young people to not think about their long-term plans and save money for the future, according to one insurance expert.
Roger Edwards of Bright Grey also suggested that society as a whole is not contributing enough towards savings, meaning many could struggle if they are forced to stop working for whatever reason.
And Mr Edwards urged those with insurance policies to not cancel them, even though the current financial climate may be causing many to want to “save a couple of quid per month”.
“Younger people are entering their working life with student debts they need to repay,” he explained, adding that people should consider improving their debt management by putting some money away “for a rainy day” in case of any financial troubles in the future.
Recent research conducted for Bright Grey by Tickbox.net revealed that 63 per cent of those surveyed have cut back on spending as a result of the credit crunch.
By Tom Musk