Proliferation of credit 'to blame' for young people's debt
A savings expert has said that young people get into trouble with debt due to the "proliferation of credit" available to them.
Anne Young, savings expert at Scottish Widows believes that while some lending on offer to young people may be scaled back following the credit crunch, existing debt will also be tightened.
Ms Young insisted that a lack of education about how young people should manage credit is costing the nation dear.
She said: "Possibly this is something we should be teaching our young people in schools before we let them loose on further education or their working life.
"Debt is too easily available now short dash you spend up to the limit on your credit card, and then you just get another one."
The younger generation's debt problems are having a knock-on effect for parents.
New Scottish Widows' research found that parents are being forced to offer an average of £12,500 of financial aid to their adult children.
A lucky 29 per cent of these young adults used their handout for a house purchase or deposit, while 42 per cent spent could only afford to use the money to pay off debts.
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