From the TUC

Young people’s debts have doubled in five years and are now highest of all age groups

27 Jul 2015, by in Economics

In many ways today’s ONS figures on household indebtedness are unremarkable, given we are increasingly accustomed to figures showing high levels of household debt. By and large the debt burden is continuing to increase. One in five households report financial (i.e. non-mortgage) debts are a ‘heavy’ burden.

(The figures are drawn from the ONS release on ‘the burden of financial and property debt, Great Britain, 2010 to 2012’, which is based on the ‘wealth and assets survey’. )

But the most alarming analysis is of financial debts by age. The ONS chart says it all:

 ons_W&A_debt_jul15

Over 2008-2010 median debts for 16 to 24 year olds was £1,540; in that period, they had the lowest level of indebtedness of all age groups, apart from 65+. In 2010-2012, debts had doubled to £3,000, and this is now the highest of all age groups.

ONS are not yet able to provide an explanation of this extremely sharp change, but it seems likely to be partly related to the increase in student fees. The analysis puts into sharp relief the sheer scale of indebtedness that young people are taking on.

One Response to Young people’s debts have doubled in five years and are now highest of all age groups

  1. Debt news – student loans, Brighthouse, ESA etc – Aug 2nd · Debt Camel
    Aug 2nd 2015, 6:46 pm

    […] 2008 to 2010, and again increased to £3,500 in 2010 to 2012. One of the most alarming statistics: Young people’s debts have doubled in five years and are now highest of all age groups – blog from […]