Young urban professionals, otherwise known as yuppies, who seemed to have plenty of money during their rise to prominence in the 1980s, are now among the millions of people feeling the financial squeeze in the UK, it has been suggested.
Research by LV= has found that unlike 20 years ago, so-called yuppies now rate debt management as one of their primary concerns.
Indeed, around 45 per cent of “yesterday’s yuppies” polled by the financial services firm indicated that they now struggle to meet their everyday financial commitments and seven in ten said they regret not having saved more earlier in life.
“Despite the champagne lifestyle and optimism of the time, our research reveals that many former high flyers have ended up no better off than the average midlife family,” said Nigel Snell, communications director of LV=.
“They are just as worried about meeting the monthly bills, the cost of bringing up their kids and how they will fund their old age.”
Earlier this year, the Consumer Credit Counselling Service warned that the burden of debt management is increasingly shifting on to more elderly generations in the UK.