Thirty-five per cent of young adults aged 18 to 21 worry about their finances daily, a survey reveals.
But only 20 per cent were interested in learning about debt management. Some 93 per cent worried about money generally, while just 30 per cent said they had learned about student loans at school.
Twelve per cent had been taught about personal loans, and 21 per cent recalled learning about credit cards, according to the Savanta poll of 2,000 Britons for Santander UK.
Separate research published in November last year by StepChange Debt Charity indicated incomes are 28% lower among its clients aged 18 to 24 compared with all StepChange clients, equating to £490 less per month.
Mark Weston, the bank’s director of financial support, said: ‘Debt is an important part of most people’s day-to-day finances. Borrowing money allows people to buy homes, access higher education, and make big purchases. However, it’s crucial that people know the appropriate riskand reward trade-off.’
Many banks and building societies have tools on their websites to help people with finances and budgeting and Santander UK has free financial health check and budget calculator tools.
Thirty-five per cent of young adults aged 18 to 21 worry about their finances daily, a survey reveals
Separate research published in November last year by StepChange Debt Charity indicated incomes are 28% lower among its clients aged 18 to 24 compared with all StepChange clients, equating to £490 less per month
Help with budgeting and debts is also available by visiting websites such as the Government-backed MoneyHelper service as well as comparison websites and websites belonging to charities.
People can also reach out to their lender to discuss their options if they are worried about struggling with debts. Getting help early can mean there are a wider range of potential options to deal with any problems.
Savanta surveyed more than 2,000 18 to 21-year-olds across the UK in October and November 2024 for Santander.
