There is a greater desire among young people to be debt free on graduation from university, it has been noted.
Figures from child trust fund provider The Children’s Mutual indicate that young Britons are making greater attempts to save money ahead of leaving home.
Over-18s surveyed by the organisation, meanwhile, expressed the opinion that a “culture of debt” is a part of everyday life.
However, The Children’s Mutual warns that becoming debt free is little more than an aspiration for the typical student.
With average debts of £17,500 incurred during their studies, the company claims that graduates have little chance of entering profitability in the years following their degree.
Chief executive David White comments: “The average cost of three years at university now sits at £40,400 – a huge amount of money for any teenager to find.”
The Children’s Mutual previously revealed that parents may be misjudging their offspring as, while they predict that young people would spend any lump sum received on material goods, many would actually add it to their savings accounts.
By Bob Bardsley