Eighteen to thirty year olds are finding that debt is becoming the new normal meaning that they struggle to secure financial independence according to a survey by the Co-operative Group.
According to the survey the younger adults are being bogged down financially after amassing debts from the likes of student loans, credit cards, loans and overdrafts. Over half of those surveyed were hiding the full extent of their financial difficulties from their parents.
Eighty per cent of the people in the survey are receiving financial support from their parents. Forty per cent of those surveyed are dissatisfied with their lives, feeling that they should be achieving more, this feeling is probably made stringer due to the lack of total independence.
Martyn Wates who is the deputy group Chief Executive at the group said that: ‘Whilst it is positive to see that young people believe that they will one day earn a healthy salary, the survey has signposted that the earnings of 18 to 30-year-olds do not currently live up to expectations.
‘This highlights that, for now at least, this ambitious group may have to re-evaluate their ideals.’
Younger adults are struggling on all fronts; many find it difficult to secure many loans and mortgages making getting onto the property ladder or making large purchases difficult. It Is often no wonder than many of these adults turn to short term loans to help meet their expenses under pressure.