University debt is pointless, say young adults

Thu, 26 Jul 2007

A quarter of young adults see loans and debt to cover the cost of studies at university as a "pointless waste of time and money", according to new research.

One in four students could now be deterred from further studies, the research from engage Mutual Assurance suggests, with one in four parents aged 45 to 54 agreeing that university loans are a waste of time.

Karl Elliott, a 3GB spokesperson for engage Mutual Assurance, commented that young adults today are facing very different financial difficulties from those their grandparents dealt with in the past.

"Whilst it is encouraging that many young adults recognise the need to save for their future, increasing costs of university and housing mean that young adults will have to think carefully about how much they save and how they invest," he remarked.

An encouraging statistic from the report was the recognition by youngsters that saving for the future is important, with 82 per cent of young respondents acknowledging the need to save compared to just 61 per cent of grandparents.

With 26 years experience, engage is an established financial services company.


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