We are proud to launch our focusing on young people’s experience with credit. Recent research focusing on the financial wellbeing of people in the UK has highlighted that young people are experiencing money worries. Over half of young people worry about their finances on a regular basis. 18-24-year-olds face crucial transitions to adulthood, including first experiences of debt and borrowing. More than a third of young people have taken out loans through credit cards, overdrafts or other sources, with this figure increasing to over two-thirds when student loans and mortgages are included.
For the last three years, research conducted by the Money and Pensions Service has conveyed that young people have a greater need for debt advice than those aged 25 and over. This is likely to be because 18–24-year-olds are especially likely to be “borrowing for the everyday”. This means young people are more likely to use credit to pay for food and bills. People in this age group are more likely to struggle to keep up with bills and credit commitments. Young people will also not be as keen to seek help for debt or managing their money, but help is out there.
Therefore, we have created this animation to highlight that young people are not alone when experiencing financial difficulty. This animation features the voices of young people from Renfrewshire, and tells the tale that, for many years, young people have struggled to make ends meet. For generations, young people have found it difficult to manage their money and have had a precarious relationship with credit.
Keep an eye on our social media channels (Facebook and X) throughout the month of January as we will be posting more resources to support young people to better manage their use of credit.
With thanks to Kevin Cameron filmmaker, Engage Renfrewshire, Renfrewshire Council and Trading Standards Scotland.