Credit, Collections & Insolvency News
The number of young people needing help with managing money has doubled since 2019, Citizens Advice has reported. The charity, which supported 66,000 under 25s last year alone, says one in five (20%) young adults seeking its advice need help with debt.
Citizens Advice warns many young people are feeling particularly squeezed by the cost-of-living crisis as they face a triple whammy of soaring living costs, rising private rents and high inflation. The charity is helping record numbers of people amid rising financial pressures.
Despite this, the vast majority of young adults still feel uncomfortable discussing finances. According to the charity’s new research, nine in ten (90%) under 25s shy away from such conversations, and would rather talk about sensitive topics like health issues, politics or religion instead of money.
In the Citizens Advice study, embarrassment was listed as the top reason why young adults feel uncomfortable discussing money, followed by the fear of comparison.
Rosi Avis, Partnership and Communication Lead at Citizens Advice Manchester, said. “All of us can struggle to find the words when it comes to talking about our finances. And we know young people are really feeling the pinch with rising costs and sky-high rents.
“At Citizens Advice we help thousands of people find a way forward every day. So whether it’s a dodgy landlord, a retailer who’s refusing to give you a refund, or help with credit card debt, we can support you.
“The most important first step is to speak to someone about your worries: whether it’s a family member, a mate or one of our trained advisers. We’re here to help and make you feel less alone.”