A report from the London Stock Exchange on a recent survey’s results suggests that levels of personal debt among young people in the UK are being encouraged by lenders.

The report indicates that lenders are pushing young people to take out loans and apply for credit cards, contributing to the already critical condition of the credit crisis.

Conducted for a report called Penny for Your Thoughts, the survey indicated that 68 per cent of young individuals aged 16 to 24 had been influenced by lenders to obtain credit. The London Stock Exchange further reports that the individuals in this age range had stipulated in the survey that they were approached by the lenders and had not inquired about obtaining credit of their own initiative.

"This report highlights the serious strain bad financial decisions can put on people’s mental health as well as on their pockets,” said Janet Roberts, grants manager at HBOS Foundation, in the London Stock Exchange report. "But it also points out how and where young people want to be supported with their finances. Over the next three years we'll work closely with Citizens Advice and YouthNet to use the internet to help young people make informed choices about their finances, giving them the information they want, where they want it."