A recent survey, of two thousand people across the UK, has found that 21% of young people aged 18-24 would rather tell their pet about their financial problems than their partner or family.
This worry about financial problems was also reflected in other younger age groups, with almost half (47%) of those aged 25-34 saying they felt anxious just looking at their bank account.
It is clear the pandemic has taken its toll on younger people, with half of those aged under 35 saying the pandemic has left them financially worse off. This is echoed by data from the Office for National Statistics which showed that in the previous 12 months to March 2021, 813,000 pay rolled jobs were lost, of which 54% were held by people under 25.
Post-pandemic debt is an increasingly serious concern for debt advice agencies, with recent estimates suggesting that there will be a surge in demand for their services once the majority of government’s financial safety nets have disappeared. With Debt Free South West offering free and impartial debt advice, taking into consideration the worsened financial state of many individuals, it becomes of greater concern that only 16% of people surveyed in the region saying they would seek this advice.
Therefore, Debt Free South West, who are celebrating its 15th year of service, are making it their mission to spread awareness of their work and have increased advisor numbers by 14 in the last year. Debt Free South West have also expanded the way they offer advice, including via video link and WhatsApp, and with 32% of those surveyed in the South West saying they would like to receive advice via these channels are hoping more people in the region will access debt advice.