Surge in under 25s seeking money help - Debt - News - Moneyfacts

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Surge in under 25s seeking money help

Surge in under 25s seeking money help

Category: Debt

Updated: 09/02/2012
First Published: 16/11/2010

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

Young people are increasingly looking for advice and guidance to help them through their money troubles.

Citizens Advice has said that it dealt with almost three quarters of a million queries (729,825) from under 25s between April 2009 and March 2010, an increase of 21% from the same period a year earlier.

Youth unemployment is a big problem in the UK at present and could well worsen before it gets better as a result of the effects of the coalition Government's cuts and the dearth of positions for graduates.

Eight in ten of the problems reported by under 25s related to just four issues: debt, benefits, housing and employment.

Debt problems were the most common cause of worry, accounting for a third of all enquiries, with employment and housing issues responsible for 12% and 10% of reported problems respectively.

The number of people having problems with housing benefit and private rented property was also very high, while Citizens Advice said it had also been contacted over tax credits, pay and entitlement and dismissal.

The issue that has risen in the consciousness of under 25s the most appears to be job seekers' allowance, with the number of enquiries on the benefit rising by 40% to almost 22,700.

"It can be scary and daunting to seek advice if you have a problem - but more often than not, the sooner you tackle it, the easier it is to put right," said Gillian Guy, Citizens Advice chief executive.

"Citizens Advice is the UK's biggest advice charity and helps people of any age, with any problem.

"Under 25s often have specific issues, so we've now pulled together lots of information you might find useful in one place at: advice4me.org.uk."

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

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