‘Under-35s saddled with huge money worries’

Beccy Boden Wilks, from National Debtline, said that some young adults who have recently graduated are saddled with substantial or 100 per cent mortgages, meaning their monthly outgoings are likely to be very high.

And those who are unable to get break into the property market have to cope with rental deposits, the cost of furnishing a home, car insurance, as well as university debts, making it one of the most expensive periods in their lives.

“I think that it is harder for young people. If we are talking about people under the age of 30 or 35, you have got a lot more expenses,” she said.

“People of that age have a lot of costs”.

Her comments follow new research that suggests adults in their late twenties and early thirties have to rely on their parents for financial aid.

Karl Elliott of Engage Mutual Insurance, which carried out the study, said that the cost of living and rising house prices means it is increasingly difficult for young adults to acquire financial independence.