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Banks 'out of touch' with needs of young adults

Banks 'out of touch' with needs of young adults

Category: Loans

Updated: 31/10/2008
First Published: 27/10/2008

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 It is now over 6 months old so the content may be out of date.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 adults have been let down by the government and financial institutions, it has been suggested.

According to think tank Reform and the Chartered Insurance Institute, the products and services provided by banks are ill-suited to the needs of those between the ages of 18 and 34.

And this so-called Ipod (insecure, pressurised, over-taxed and debt-ridden) generation is most at risk in the event of a recession, a report by the bodies has claimed.

It found that more than half of young adults have debts of up to £10,000, excluding secured loans, while one-fifth owes more than that amount.

Lucy Parsons, author of the report, remarked: "My generation is suffering. We are potentially more capable of managing our money than previous generations, but we have been let down by the financial establishment and government."

A recent survey by Bupa found that 75 per cent of people expect the credit crunch to affect their health.

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