Youngsters entering adulthood are already becoming weighed down with debt | Personal Finance | Finance [Video]

Almost half of Brits aged 18-24 are currently in debt, shocking new research reveals.

A survey of 2,000 UK adults commissioned by Tesco Bank revealed that 48 percent of 18–24-year-olds are currently in debt, rising to 65 percent of 25–34-year-olds.

Young men aged 18-24 are likely to hold more debt than women of the same age, at £3,165 for men compared to £1,882 owed by women.

Credit cards are the main form of borrowing among this younger age group (23 percent).

Compared to UK adults younger generations are also more likely to owe family members money (16 percent), be overdrawn (14 percent) and have used Buy Now Pay Later schemes (12 percent).

Ban Mahsoub, Spend & Save Director at Tesco Bank commented: “It’s not surprising that borrowing and debtare a reality for many people, including the younger generations. With this in mind, and particularly for those at the start of their financial journey through life, it’s vital to know the difference between …