Young Brits ‘need help with debt management’

Young British consumers need help with their debt management issues as early as possible, it has been claimed.

According to the Nationwide Building Society, teenagers and young people in Britain are increasingly using debt as a way to fund their lifestyles and help needs to be on hand if they are to cope with the resulting financial pressures.

The suggestion from the building society came in response to the Financial Service Authority’s launch of a new website aimed at helping young people gain a better understand of money-related matters.

“We believe the FSA website, ‘What About Money’ is a really good tool as it should go a long-way towards helping educate teenagers to cope with the challenges of purchasing a house, going to university and managing household bills,” said Maxine Taylor, corporate affairs director at Nationwide Building Society.

The latest data from Credit Action shows that the scale of the UK’s personal debt management burden increases by close to £300 million every day.

Written by Giles Stevenson