The Consumer Credit Counselling Service (CCCS) has revealed that more than one million young Britons are struggling to cope with debt. The report "Debt and the Generations" says that consumers under the age of 40 are struggling against higher built up debts, reducing real incomes and increasing difficulties in saving. The research found that more than 1,000,000 households in the 18-39 age group are already struggling and a further 893,000 are at risk of falling into difficulty. Amongst other things, the report goes into detail about unsecured debt volumes and makes for unpleasant reading.
We acknowledge of course that these are difficult, indeed unusual, times but does lead me again to reiterating my views that the basics of personal finance should and must be taught to our younger generations from an early age. There is nothing wrong in teaching people how to manage their funds and what the consequences of failing to do that may be.
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