Young People Turning Backs On Debt

Research has found that young people are turning their backs on spending and credit cards in favour of saving money.

A poll by Ci Research found that 70% of people aged between 16 and 26 are not comfortable with accumulating debts and would rather save up for things they want to buy. They added that they would only borrow money as a last resort.

However, figures show that there are young people who are less reluctant to take on debt, with 4% of the 500 people questioned saying they did feel very comfortable with debt.

The survey found that the economic downturn is having a significant impact on young people's saving habits. A quarter of people said they were now saving more than they had been and 19% plan to set aside more cash.

A further 62% said they did not have a credit card and 75% said they were keeping a close eye on their finances. Just 12% of those questioned said they were saving less or had stopped saving altogether.

Colin Auton, of Ci Research, said: "The report reveals undeniable proof that recent economic changes have influenced young people's behaviour and opinions on both spending and saving."

Sourced from Confused.com [link]