Young Brits ‘unaware of mounting debts’

Thousands of young British consumers are unaware of how much debt they have accumulated, according to the latest figures from Unbiased.co.uk.

Research by the financial services firm shows that around 41 per cent of UK consumers aged between 18 and 24 cannot say to within £500 how much money they owe.

This makes young consumers the most unaware of their debt management circumstances, but a total of 15.4 million Britons cannot accurately put a figure on how much money they owe.

David Elms, chief executive of Unbiased.co.uk said: “This research shows how little the UK consumer is budgeting and preparing for every eventuality.”

“‘Generation Spend’ is allowing debt to dictate behaviour, rather than taking financial control and keeping a check on debts,” he added.

Data compiled by Scottish Widows recently showed that millions of retirees in the UK are still searching for a debt solution.