“Currently, I’m trying to pay it back. And that’s even frustrating because when the money comes at the end of the month for payday it is like a big chunk has to go to debt.”
With more and more young people finding themselves having to cope with staggering student debt on top of bills and taxes, organisations are calling for action to better help the next generation have a better financial future.
Fran Landreth Strong, a RSA researcher and lead author of the organisation’s report, explained: “Young people across the UK face a toxic cocktail of inadequate work and safety nets, high levels of debt, and a rising cost of living.
“As they get older, many lose the support networks they once had and for too many young people, economic security has to be sacrificed in the name of independence.