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Andrew Bailey right to highlight ‘growing debt burden’ on young people PDF Print E-mail
Monday, 16 October 2017
Financial Conduct Authority chief executive Andrew Bailey has today warned that a growing number of young people are having to borrow to cover basic living costs. 

The warning, which follows a tour of visits by Andrew Bailey to debt charities including National Debtline, coincides with new Insolvency Service figures showing the number of 18 to 34 year olds becoming insolvent jumped by nearly a third between 2015 and 2016.

Research for National Debtline on the issue has previously found that while young people are borrowing and worrying about money, too few are seeking advice.

The charity’s Borrowed Years report found that 37 percent of 18 to 24 year olds are already in debt, owing an average of £2,989 (excluding student loans and mortgages). Around half (51 percent) say they regularly worry about money, while one in five (21 percent) sometimes cannot sleep as a result.

Joanna Elson OBE, chief executive of the Money Advice Trust, the charity that runs National Debtline, said: “Andrew Bailey is absolutely right to highlight the growing debt burden on young people – often to meet basic livings costs.

“While this trend may not yet be considered a risk, on its own, to the economy as a whole, debt problems at such an early age can have a huge impact on the individuals involved.

“Debt advice can make all the difference, but worryingly, far too few young people are seeking advice when they fall into difficulty. We need to do much more as a society to make sure young people get off to the best start to their financial lives.

“Anyone, of any age, who is struggling to cope should contact National Debtline or another free debt advice agency as soon as possible."
 

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