Economic concerns have filtered down to the young, with almost a quarter of children say that they fear getting into debt and possibly needing to use financial products like a Debt Management Plan or an IVA.
Research from Abbey Banking indicates that young people in the UK are worried about growing up into debt, and that more were worried about being poor than falling out with their friends! Abbey director Steve Shore comments that this “news is fairly extreme and shows just how much information children absorb.”
1 in 10 children, in the study of 300, are also concerned that they will never be able to afford to get a first time mortgage and would fail to get onto the property ladder. Mr Shore goes onto comment that although this news is concerning there are things that can be done, such as teaching children the importance of good financial skills.