Young people are 'comfortable about comparing debts'

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Young people are 'comfortable about comparing debts'

The results of a new survey have shown that young people feel more comfortable about discussing their debts and finances than people from the older generation.

CreditExpert.co.uk conducted a poll which suggested that the credit crunch is breaking down the taboo of comparing personal finances with friends and family, particularly amongst the younger generation.

The website found that three-quarters of 18 to 24-year-olds are likely to discuss their financial situation with their friends, while under half of over 55s said they would do so.

Darryl Bowman, director of CreditExpert.co.uk, encouraged the trend seen among young people.

He said: "It's good to see people reacting positively and talking about their finances with those closest to them as sounding boards."

Recently research conducted by NatWest showed that more parents attempting to teach their children and teenagers about budgeting properly during the credit crunch by giving them the money to cover their own clothing and travel costs.

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