Young Brits ‘taking steps to avoid debt’

Figures from Lloyds TSB show that one in ten UK consumers polled within this age range now make a financially-guided decision over whether to enter higher education.

In addition, a fifth of all 18 to 24-year-olds in Britain now admit to refusing a preferable career path based on financial concerns and one in six currently hold down two jobs to save for a housing deposit, the new research has demonstrated.

“The headlines paint a pretty gloomy picture for first-time buyers and I had just assumed that owning a home was out of my reach unless I made some major sacrifices,” commented prospective first-time buyer, 24-year-old Helen Eagleton.

“I was living with my parents and commuting over two hours a day when I finally plucked up the courage to seek advice,” she added.

Homeowners in the UK have been urged by a number of experts in recent weeks to prepare their finances for the likelihood of a further rise in the cost of borrowing.