Debt aspirations of young adults revealed by financing study

Tue, 19 Jun 2007

A new study has given banking institutions an insight into debt attitudes among young professionals.

According to a financing survey by financial services provider Alliance & Leicester, approximately 32 per cent of 16 to 21 year olds in full-time employment aim to be debt-free by the time they hit 35 years old.

Meanwhile, financing concerns appear to have persuaded many people in this demographic to turn down the chance of a university education.

Some 43 per cent of respondents have admitted that fear of being overloaded with debt was one of the reasons why they decided to go straight into working life after school.

Helen Palmer, current accounts manager at the financial services provider, has emphasised that young banking customers who want to be debt-free must take affirmative action.

"It is important for this group to maximise the potential of their hard-earned cash and this isn't about clever investment choices of making timely and strategic financial decisions - it's about basic management of money," she said.

Earlier this month, Ms Palmer criticised the UK's four biggest banking institutions for what she perceived as a bias towards reserving the best current account deals for graduates.


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