Debt -
Debt: Young People Seeking Help From Parents - 29/03/2008
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A survey has found that parents are spending over £12,000 to help their adult children out of debt.
The survey by Scottish Windows said young people who are now seriously getting into trouble turn to their parents for financial assistance to off-set the debt.
A financial expert from Scottish Windows, Anne Young said the research found how easy access to debt is making young adults get into financial crisis.
Attitudes towards debt, she added, have shifted among young people and that this means they are increasingly ready to borrow money for different reasons that range from further education to some exotic lifestyle.
“A lot of children now are going into their adult life with a lot of debt hanging over them, probably as a result of further education and student debts,” she said.
Ms Young further blamed the problem on the proliferation of debt, to which people easily have access now, adding that “a lot of children find themselves spending on credit cards up to their limit.”
The expert also suggested that there’s shortage of young people’s education on credit management. She warned that increased availability of easy access to debt coupled with the misuse of the facility by people who know too little of how to manage it could eventually cause problems in the future.
Soaring debts have recently reached a crisis point with banks recording up to £600 billion deficit. The crisis in financial market, which started in the US as a result of defaults in credit card and loan repayments, last week forced Prime Minister Gordon Brown and French leader Nicolas Sarkozy to call on banks to disclose the actual gravity of the problem.
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