Young people feel that they are under intense financial strain, a new study shows.
According to research carried out by Gumtree, four out of ten Britons between the ages of 18 and 30 claimed that they are worried about their monetary situation and believe that there is pressure placed upon them to earn more. Findings from the classified adverts website also showed that just under three-quarters (72 per cent) of people within this age group are in debt, reports the Press Association. Out of such consumers, about a quarter are shown to still be making repayments on their student loan, with 35 per cent struggling to get to grips with money owed on their credit cards.
With such demands on their finances, people may find that taking out a loan for the purposes of debt consolidation could be a means for them to get to grips with their spending.
Research from the firm also indicated that 31 per cent of young people state that they regularly use their overdraft to help supplement their finances through the course of a month. Meanwhile, 15 per cent claim to resent the fact that repaying their student loan will mean that they will have to delay making their first steps on to the property ladder. Furthermore the study showed that more than half (58 per cent) of 25 to 30-year-olds wish that they had saved more money when they were younger. Just over a quarter of these people state they regret not buying a house when property prices were lower.
Due to the debts that young people face today, where this is through loans, overdrafts or credit cards, the group claimed that many could be facing a "quarter-life crisis". It was also put forward that many of these Britons are under pressure to succeed before they reach the age of 30 and to do so on a larger scale then previous generations.
Damian Barr, author of Get It Together: A Guide to Surviving Your Quarter-Life Crisis, said: "Today's 20-somethings face serious financial pressures such as student debt, high career expectations and a property market that's out of their reach. Part of this is to do with what their parents achieved - the generation of baby-boomers who have had it all and are now about to enter prosperous retirement.
"Their kids are now trying to live up to their parents' success but the reality is that today's 20-somethings are dealing with a socio-economic environment that's very different to when their parents were young and things aren't as easy any more."
For people looking to get to grips with their money management, a debt consolidation loan could be of help. By taking out this type of loan, borrowers could pay off a number of demands on their spending, such as plastic cards and overdrafts, at once. This may mean that they have more disposable income each month, so helping them to get to grips with their finances more effectively.
A recent study by Nationwide revealed that a significant number of Britons are looking to sort out their economic situation over the course of this year. Some 48 per cent of people either want to start saving or put more away for the future, with six per cent aiming to get rid of unwanted credit cards.
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