High Recession Risk for Young People
Young people are apparently more likely to face the pitfalls of recession and the credit crunch, in comparison to older generations according to a study by the Chartered Insurance Institute (CII).
The CII report that the IPOD generation – Insecure, Pressured, Over-taxed and Debt-ridden – will suffer the effects of recession due to being both overprotected and isolated from financial services, as financial advice and products is not tailored to an IPOD’s needs.
This term covers young adults between the ages of 18 to 24. Over half have up to £10,000 of unsecured debts and a fith owe even more than this, meaning that many of them may need debt help in order to effectively manage their finances.
Trevor Matthews, CII president, said: “What is striking in this report is that Ipods possess the highest potential for appreciating the good value of advice and yet are not benefiting from it.”