Young people feel that they are under intense financial
strain, a new study shows.
According to research carried out by Gumtree, four out of
ten Britons between the ages of 18 and 30 claimed that they
are worried about their monetary situation and believe that
there is pressure placed upon them to earn more. Findings
from the classified adverts website also showed that just
under three-quarters (72 per cent) of people within this
age group are in debt, reports the Press Association. Out
of such consumers, about a quarter are shown to still be
making repayments on their student loan, with 35 per cent
struggling to get to grips with money owed on their credit
cards.
With such demands on their finances, people may find that
taking out a loan for the purposes of debt consolidation
could be a means for them to get to grips with their
spending.
Research from the firm also indicated that 31 per cent of
young people state that they regularly use their overdraft
to help supplement their finances through the course of a
month. Meanwhile, 15 per cent claim to resent the fact that
repaying their student loan will mean that they will have
to delay making their first steps on to the property
ladder. Furthermore the study showed that more than half
(58 per cent) of 25 to 30-year-olds wish that they had
saved more money when they were younger. Just over a
quarter of these people state they regret not buying a
house when property prices were lower.
Due to the debts that young people face today, where this
is through loans, overdrafts or credit cards, the group
claimed that many could be facing a "quarter-life crisis".
It was also put forward that many of these Britons are
under pressure to succeed before they reach the age of 30
and to do so on a larger scale then previous generations.
Damian Barr, author of Get It Together: A Guide to
Surviving Your Quarter-Life Crisis, said: "Today's
20-somethings face serious financial pressures such as
student debt, high career expectations and a property
market that's out of their reach. Part of this is to do
with what their parents achieved - the generation of
baby-boomers who have had it all and are now about to enter
prosperous retirement.
"Their kids are now trying to live up to their parents'
success but the reality is that today's 20-somethings are
dealing with a socio-economic environment that's very
different to when their parents were young and things
aren't as easy any more."
For people looking to get to grips with their money
management, a debt consolidation loan could be of help. By
taking out this type of loan, borrowers could pay off a
number of demands on their spending, such as plastic cards
and overdrafts, at once. This may mean that they have more
disposable income each month, so helping them to get to
grips with their finances more effectively.
A recent study by Nationwide revealed that a significant
number of Britons are looking to sort out their economic
situation over the course of this year. Some 48 per cent of
people either want to start saving or put more away for the
future, with six per cent aiming to get rid of unwanted
credit cards.
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Abbi Rouse writes for All About Loans where visitors can
apply online for cheap UK loans. We also specialise in
poor credit loans, and cheap consolidation loans. Visit
today http://www.allaboutloans.co.uk/
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