A third of twenty-somethings worried about debt

22 September 2003
One-in-three young Brits claims that debt is their biggest worry and believe it will take them years to pay off what they owe, according to a new survey.

Student loans, credit cards and cheap borrowing mean that the UK's twenty-somethings are more in debt than ever before.

One in three respondents in their 20s say getting out of debt will be their biggest financial burden in the future, compared with just 13 per cent across all age groups, according to the Alliance & Leicester study.

Clearing debts, often run up at university, is seen as an even bigger worry among young people than getting a start on the property ladder, an issue for 25 per cent, or saving for retirement, which most concerns 11 per cent.

Sarah Whitehead, product manager for investments at Alliance & Leicester, commented that the levels of debt facing young people was a serious concern

"This is worsened by the fact that they expect to struggle in years to come as they strive to get through university, settle their debts and get a foot on the property ladder," she said.

Across all age groups, 24 per cent of people thought paying for their children's education would be their biggest financial burden in 10 years' time, while 17 per cent felt their greatest concern would be putting aside enough money for retirement.

Around 13 per cent of people think paying for healthcare will be their number one financial worry, while 11 per cent are concerned about buying their first home.