Young “need all the help they can get” with Debt

Bad borrowing decisions by young people can leave them with serious financial problems for decades to come, meaning that many are seeking debt advice from an early age.

The Personal Finance Education Group (Pfeg) have launched a new campaign in a bid to help younger people plan their finances with more confidence and to understand more about debt issues.

Wendy Van den Hende, chief executive of Pfeg, said: “Young people have to make increasingly complex decisions in a very sophisticated world and often at a very early age. They need all the help they can get.”

Research suggests that young people are not fully informed about financial products which could lead them into unaffordable debt, as the FSA (Financial Services Authority) reported that over two-thirds of young adults do not plan ahead when it comes to money matters.