Paying the price: can we help the most vulnerable young people avoid unmanageable debt?
- Document type
- Corporate author(s)
- Action for Children (Great Britain)
- Action for Children
- Date of publication
- 11 December 2014
- Children and Young People, Poverty Alleviation Welfare Benefits and Financial Inclusion
- Social welfare
- Material type
Download (798KB )
Debt is becoming normal but young people do not understand the risks involved. 67 per cent of households across the UK headed by 18-25 year olds have unsecured debt. For many, the debt is becoming unmanageable. The extra burden can have long-term effects on their life chances and health, especially for those who already face challenges. Vulnerable young people are accessing high-interest loans and products. This is being made worse by a lack of financial knowledge. 45% of children and young people across the UK have not received financial education or do not know if they have done so. This policy paper examines the impact of not having financial skills and the devastating effect of problem debt facing vulnerable young people.
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