Younger Brits 'face difficult financial future'

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Younger Brits 'face difficult financial future'

Young people across the UK face a more difficult financial future as they will be unlikely to acquire assets in the same way their parents and grandparents did, it has been claimed.

According to the Consumer Credit Counselling Service (CCCS), higher debts at a younger age and more expensive property and consumer goods, means it would be more difficult for the next generation to save for retirement and to fund their daily lives.

CCCS chairman Wilf Stevenson said: "The younger generations are facing a worrying future. Higher debts and fewer assets will put many in a precarious financial position, and these trends threaten to impact considerably on quality of life in later years."

Meanwhile, Andrew Hagger, spokesman for moneynet.co.uk, recently noted that Brits have cut back in recent months on the amount of money they are spending via credit cards.

He noted many people are now taking the prudent approach of paying down their debts, rather than take out more borrowings in the present financial climate.

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