A new survey was done in the United Kingdom and it shows just how hard it is for young people to survive paycheck to paycheck. Almost half of those surveyed admitted to needing credit to make ends meet until they get paid again.
More than half of young women have to borrow to make their funds last to the end of the month, highlighting the impact of stagnating wages, insecure work, and rising prices like taxation on millennials. A survey of 4,000 people aged 18-30 shows that 51% of young women and 45% of young men regularly use credit to stretch their finances until payday. The report also found that a quarter of these young people in the UK are constantly in debt.
When asked how they borrow to make ends meet, one in five claimed they used overdraft credit or borrowed from family members. The next most common form of borrowing was the use of credit cards. The Young Women’s Trust, which commissioned the representative sample of young people, said many of those questioned in the survey also worked extra hours or skipped meals to make their cash stretch to the end of the month.
The survey was conducted after a growing number of people began asking for help from debt charities with personal debts and monthly bills.
This post was published at shtfplan on September 20th, 2017.