A leading charity has warned that many young people in the UK are being told that debt is a way of life, paving the way for a further increase in personal bankruptcy across the country.
The Personal Finance Education Group (PFEG) have released a statement, outlining that 50% of teens are in some form of debt by their seventeenth birthday, and many will fall further into debt as a result of student loans and subsequent borrowing.
A spokesperson for the group warned, "“We owe it to our young people to ensure that they have the financial acumen to deal with the responsibilities of being an adult."