Young worried about future debt

In the Scottish Widows poll, 73 per cent of 18 to 24-year-olds were worried about their financial future and 41 per cent think that they are less prepared than their parents.

George Andrew, consumer affairs spokesman at Scottish Widows, commented: “We all need to be thinking about our financial future no matter what age we are.

“Our survey also finds that 68 per cent of the nation believes they do not earn enough money to be financially prepared – many young people are focused on paying off student debt and getting on the housing ladder and longer term financial planning takes second place.”

It is not just young people who have been reported as being concerned for their financial future, with recent polls suggesting that many people approaching retirement are also concerned about their future.

With Britons owing £1.2 trillion, many consumers may wish to take out advice on becoming debt free to placate their concerns for the future.