CII: Young adults most vulnerable in recession

Money News

www.moneynews.co.uk > Debt > CII: Young adults most vulnerable in recession

Topics

bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet

Features

bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet

Companies

bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet

Money News

bullet
bullet
bullet
bullet
bullet

CII: Young adults most vulnerable in recession

Young adults aged 18 to 34 are the most at risk in the economic downturn, a new report has claimed.

The study by the Chartered Insurance Institute (CII) found that the IPOD generation - Insecure, Pressured, Over-taxed and Debt-ridden - suffers from being both overprotected and isolated from financial services.

Banks and financial service providers are said not to tailor their advice and products to IPODs.

The study found that more than half of IPODs have debts, not including mortgages, of up to £10,000, while nearly a third have no savings and half do not feel confident making financial decisions.

According to the report, titled "Money's too tight to mention: will the IPOD generation ever trust financial services?", financial service providers need to address younger adults and the government needs to reduce regulation to prevent massive retirement poverty.

In September, the CII said that investment in training and skills would be a priority in the economic downturn.

After surveying MPs, it found politicians agreed that a skilled workforce is the most important factor in keeping competitiveness high.

ADNFCR-323-ID-18835353-ADNFCR

Related News : Debt

bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet

Related News : General finance

bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet