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Debt advice needs could rise with 'psychological recession'

Debt advice needs could rise with 'psychological recession'

- Monday, 10 August 2009

The psychological impact of the recession is having a far greater impact on the country's over-50s than it is on the nation's younger adults.

According to the Generation Recession Report released by Friends Provident, only 19 per cent of people aged between 51 and 55 say they are unconcerned about the downturn.

This figure stands at 38 per cent for 18 to 25-year-olds.

With the younger generation less concerned about the financial implications of the current economic climate, there could be a rise in the number of people within the age group seeking debt advice in the near future.

However report author Dr Peter Marsh believes that the younger generations' positivity will allow them to cope better with future recessions.

He said: "Younger people … will [be] much better prepared for the next credit crunch and able to weather it better than their older peers have this time around."

Approximately one-fifth of people believe the country should continue life as they had prior to the downturn.ADNFCR-2300-ID-19304261-ADNFCR
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