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Younger generation 'more likely to struggle with debt problems'

Younger generation 'more likely to struggle with debt problems'

- Wednesday, 16 June 2010

Younger people are more likely to struggle with debt problems compared to the older generation, as they do not seek debt advice.

That is according to R3, a trade insolvency firm, which states that 36 per cent of 18- to 34-year-olds struggling with debt have not sought help.

This is because it is 'easier not to think about it' but nine per cent of consumers in the 55 to 64 age range have obtained debt help, claims the firm.

Steven Law, president of R3, said: "Despite a global recession and near financial meltdown, younger generations are still operating on the basis that high levels of debt are normal and the consequences of this have created a clear generational split.

Furthermore, 30 per cent of the younger generation do not know where to go for help, whereas only eight per cent of over-65s have the same problem.

Santander recently revealed that younger people save 16 per cent more than the national average.


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