Nearly three-quarters of Britain’s young adults are in debt and many report feeling under pressure to earn more, a new report has revealed.
A study by classified adverts website Gumtree has discovered more than 70 per cent of adults under the age of 30 admit to being in debt.
It found 35 per cent of the age group are struggling to manage credit card debt and 31 per cent rely on their overdraft facility to help manage between pay cheques.
Damian Barr, author of Get It Together: A Guide to Surviving Your Quarter-Life Crisis, told the Press Association that young people suffer from pressures including student debt and the high cost of buying a home.
"Kids are now trying to live up to their parents’ success but the reality is that today’s twenty-somethings are dealing with a socio-economic environment that’s very different to when their parents were young," he commented.
Last year, Chris Tapp, deputy director of money advice charity Credit Action, claimed young people have been "educated into debt" through the high cost of university but been given insufficient information on how to free themselves from borrowing afterwards.