Do You Manage Your Money Like A Youth?
Insolvency professionals are slowly cumulating evidence which shows a significant generational gap in attitudes towards debt.
R3, for example, carry out many studies on this subject and strive to find solutions to the financial problems of individuals as well as companies.
Their research shows a significant percentage of youngsters being irresponsible with debt, an attitude which could directly affect the future of the financial world.
Not only debtors could suffer from this, but employees, families and even personal relationships could be impacted.
How do you manage your debt? Are you making the simple mistakes that many 18-24 year olds are making?
One of R3's studies involved questioning 2000 people with financial difficulties.
It was revealed that a third of the youngest age group have not contacted professionals about pressing debt concerns because they didn't want to think about it.
Many also said that they leave their bills unopened as they are scared of facing the reality of what's inside.
Even more concerning was the 28% of 18-24 year olds who admitted to actively avoiding their creditors.
Does any of this sound familiar?
Because if it does, there are many solutions- don't be amongst the 30% who don't know where to go for debt advice.
And, also, don't be discouraged by the expense of such advice, as 44% of the young age group were.
Debt-advice can be obtained from insolvency specialists and they will often give the first session absolutely free.
Free advice can also be sought from the Citizens Advice Bureau and - for less pressing problems - online.
For example, some sites allow you to do a credit card comparison to find the best deals.
As the study also showed that the older generation are far less flippant with their debt, it is clear that the younger generation simply possess a new attitude towards debt.
Many claim that the 18-24 age group have grown up with debt - credit cards, loans and mortgages are just a part of their lives.
Others place the problem with the banks, which have brought about this generational change by misleading marketing targeted towards the youth.
Whilst it may be easier for youngsters to claim for bankruptcy, as they have far less to lose, it is not advisable to get in to early debt.
You should find other solutions to the problems rather than falling victim to consumer marketing and rushing into decision such as instant decision credit cards.
It has also been revealed that much debt incurred by 18-24 year olds is the unavoidable result of student life.
Graduates are finding it increasingly difficult to pay off their debts, as higher-earning positions are less readily available after university.
They can therefore be reduced to a much reduced standard of living in the subsequent years.
This will undoubtedly effect career choices and limit the numbers of people who go in to post-graduate study.
Whether the research shows that the youth are irresponsible or misguided, don't be part of the trend.
Try not to get in to too much debt and if you do then seek advice - it's easy to find and usually free.
by: Emily Gorton
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