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

News News brings you the latest financial & economic news & reviews of the best products in the UK by our team of money experts.

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

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 It is now over 6 months old so the content may be out of date.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:"

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 Any products featured may be withdrawn by their provider or changed at any time.

Related Articles

Millions are borrowing to buy essentials

Many of us use credit from time to time, and when used wisely, it can be a valuable way to help make the most of your money. However, over-reliance on credit can be dangerous, particularly when people are forced to borrow to buy essentials.

Millennials losing sleep over debt

Money worries can keep people up at any age, but new research has found that a staggering one in four adults under 34 have lost sleep over financial troubles. Many are feeling pressure not just from their bank account, but also their loved ones.

Would you go into debt to bag a bargain?

It can be hard to resist the lure of a bargain, particularly at this time of year. However, while it should be a way to cut costs, it seems that some get carried away, and end up spending far more than they should – and get into debt as a result.