Citizens Advice has reported that the number of young people needing assistance with managing money has doubled since 2019.

In recent research, the charity revealed that 90 per cent of those under 25 are uncomfortable discussing their finances.

Last year, the charity supported 66,000 individuals in this age bracket, of which a fifth required specific help with debt.

 

 

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As the cost-of-living crisis intensifies, young adults find themselves facing numerous financial pressures, including rocketing living costs, high private rents, and inflation.

Although grappling with such significant issues, many continue to avoid discussions about finance.

Alongside this, the charity discovered that under 25s would rather discuss sensitive subjects such as health, politics or religion over money matters.

The study by Citizens Advice identified embarrassment and the fear of comparison as the top reasons why young people avoid discussions about their financial situation.

One 24-year-old man, who is in his first graduate job after finishing university and has around £2,000 in debt, mostly due to late payments on utility and council tax bills, said: "My finances are not in a good position, and I feel terrible about it.

"My debt is going down gradually, but I don’t think it’s ever going to hit zero.

"I’d feel more comfortable talking about money if I had a clue what’s going on, but I don’t like discussing it.

"Everyone says, 'Make a budget plan and stick to it.' I would, but if my bills are going up by £100 every two months, where is the extra money going to come from?"

Rosi Avis, partnership and communication lead at Citizens Advice, said: "All of us can struggle to find the words when it comes to talking about our finances.

"And we know young people are really feeling the pinch with rising costs and sky-high rents.

"The most important first step is to speak to someone about your worries: whether it’s a family member, a mate or one of our trained advisers.

"We’re here to help and make you feel less alone."