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More than 4 million fear they`ll be made redundant Consumers took on more mortgage debt in July Debts called in by parents Teenagers `scared of debt` Rising household costs could pressure people in debt Pensions debt may impact workers` retirement funds Welsh young adults `at highest risk of debt problems` Over 50s can`t afford to enjoy retirement because of debts Budget: tackling the nation`s debt Short-term debt: `no need for price control` The cost of clearing debt Education debt Tackling the national debt Number of mortgage deals on offer exceeds 3,000 Almost 5 million take on debt to pay household bills OECD: household debt more than 120% of disposable income Petrol price falls help people in debt Amount of mortgage debt taken on at lowest level in ten years Northern Ireland sees significant IVA rise Overdraft debt `becoming more expensive`

Younger generations more cautious about debt

24/08/2009

Research carried out by the Social Issues Research Centre (SIRC) suggests that youngsters are both more positive and more cautious in the face of the recession than older people, myfinances.co.uk reports.

Younger generations are taking a `more responsible` stance with their finances, being more `debt averse`, and planning for their future.

Dr. Peter Marsh, author of the SIRC Generation Recession Report, said: "They are more debt averse and most likely to have increased their level of saving. We will see them much better prepared for the next credit crunch and able to weather it better than their older peers have this time around."

A spokesperson for Debt Advisers Direct commented: "It is encouraging to see that youngsters are being cautious in the face of the recession.

"Planning for the future is vital. Putting aside savings, or simply spending less, can be extremely useful ways for people to safeguard their money until they need it. The fact that younger generations are being more careful with their finances could protect them from debt in years to come."

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Debt Advisers Direct offer free debt advice and a range of debt solutions, including debt management plans, debt consolidation loans and IVAs (Individual Voluntary Arrangements).

More than 4 million fear they`ll be made redundant 16/12/2010 - According to R3`s quarterly personal debt tracker, more than 4 Consumers took on more mortgage debt in July 26/08/2010 - Consumers took on £2bn more mortgage debt than they repaid Debts called in by parents 26/08/2010 - According to research, `the bank of Mum and Dad` is Teenagers `scared of debt` 19/08/2010 - Nearly two thirds of teenagers are `scared` of debt, according