Many of the UK’s young people are facing serious financial difficulties as they begin their adult life, according to recent research.
Figures compiled by the Children’s Mutual show that graduates face an average of around £12,000 worth of debt when they leave university and many of these people hold out little hope of ever becoming debt free.
Moreover, the first rung of the UK’s housing ladder is becoming increasingly out of reach for young Britons, with 40 per cent of teenagers now convinced that without parental help they will be unable to buy their own home.
“Parents are increasingly finding themselves making life-changing decisions to give their children any chance of avoiding financial disaster in early adulthood,” a statement from the Children’s Mutual read.
“And these parents could face a bleak financial future as their children try to make the transition to adult life.”
The UK’s payments association Apacs recently launched a guide aimed at helping young British consumers avoid excessive credit card debt.