Half of 18-34 year olds forced to borrow money to manage spiralling fuel prices

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Close to half of 18-34 year olds are struggling with fuels and cost of living rises, forcing them to borrow money from friends, family – or even banks.

New research, released today by used car buying service ChooseMyCar.com, showed that 46 percent of this age group have asked friends and family for money, due to huge spikes in fuel costs.

This was in contrast with older age groups, with only 21 percent of 35-54 year olds in the same boat, and just four percent of the over 55s.

Even more worryingly, the study showed that 42 percent of 18-34 year olds have gone to banks to borrow money due to fuel and cost of living rises. The older age groups were again far less likely to need to take such drastic action, with just 19 percent of 35-54 year olds borrowing from banks, and just three percent of over 55s.

The study was carried out after ChooseMyCar.com noticed a trend across its consumer research, showing that the 18-34 year old demographic seemed adversely affected by current events, especially fuel rises and commuting post-pandemic.

Other interesting statistics include:

  • 55% of 18-34 year olds had to cut back on buying groceries due to fuel costs rising
  • 80% of 18-34 year olds would now choose to walk over using their cars, where possible
  • 66% of 18-34 year olds will buy an electric vehicle as their next car
  • 54% of 18-34 year olds will avoid public transport in the wake of the pandemic
  • Half (49%) of 18-34 year olds are starting to struggle to use their vehicles to commute due to rising costs

Overall, the findings paint a concerning picture for younger people in the current climate.

Founder of ChooseMyCar.com Nick Zapolski, said: “I really sympathise with the position the younger age group is in with huge spikes in fuel costs and the affordability of solutions like electric vehicles.

“We have been working on some tips to help people conserve their fuel and would be happy to hear from you about any advice you would like to get on that subject.

“Doing research into economical cars is vital in the current climate, and shopping around for good finance deals if you are buying a car through a finance deal.”