Paying the price: can we help the most vulnerable young people avoid unmanageable debt?

Document type
Paper
Corporate author(s)
Action for Children (Great Britain)
Publisher
Action for Children
Date of publication
11 December 2014
Subject(s)
Children and Young People, Poverty Alleviation Welfare Benefits and Financial Inclusion
Collection
Social welfare
Material type
Reports

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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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