Teenagers ‘face indebted future’

Millions of teenagers from across the UK could be facing a future in which they will be struggling to become debt free, according to recent research.

Figures compiled by the Nationwide Building Society show that around a third of British teenagers accept that most people are dealing with debt management issues.

Moreover, one in five young Britons polled by Nationwide said they do not see debt as a bad thing and around a quarter would be happy to fund major purchases through borrowed money.

Stuart Bernau, Nationwide’s executive director, said: “We are in danger of seeing the young people of today grow up without the confidence or understanding to make informed decisions about their money and plan for their financial future.

“Many teenagers will unfortunately miss the opportunity to be taught this in their schools and the world of finance will remain a complicated and perhaps daunting place.”

Last month, Nationwide reported that order of payment arrangements mean many consumers are “unwittingly” adding to their credit card debt burden.