Significant number of young people ‘concerned about their finances’, study suggests

Research carried out by Sky has revealed that a significant number of young people are concerned about the state of their finances.

65% of those aged between 18 and 34 are concerned about how they would manage financially if and when interest rates rise.

The level of anxiety amongst individuals in this age bracket is significantly higher than that of any other age group, the research suggested.

The Bank of England (BoE) recently indicated that interest rates could rise ‘as soon as November’. Commenting on the issue, Mark Carney, Governor of the BoE, recently said: ‘If the economy continues on the track that it’s been on, . . . in the relatively near term we can expect that interest rates will increase.’

The base interest rate currently stands at 0.25%.

Meanwhile, separate research carried out by debt charity StepChange revealed that many young people are seeking debt advice. Two thirds of individuals accessing support are under the age of 40, the charity found.