Young people are an easy target for finance companies that want to lend money, particularly vulnerable young people. A recent survey of 100 hostel-based 16- to 25-year-olds by youth homelessness charity Centrepoint appears to confirm this, revealing that two out of three residents have received promotional literature from firms offering loans and credit cards (YPN, 13-19 April, p2).
Spiral of debt
Anthony Lawton, chief executive of Centrepoint, says: "Our research identified five key reasons why young people get into debt: low incomes; problems with benefit administration; poor financial literacy; lack of access to affordable credit; and the amount of credit they are tempted with at such a young age."
Register Now to Continue Reading
Thank you for visiting Children & Young People Now and making use of our archive of more than 60,000 expert features, topics hubs, case studies and policy updates. Why not register today and enjoy the following great benefits:
What's Included
-
Free access to 4 subscriber-only articles per month
-
Email newsletter providing advice and guidance across the sector
Already have an account? Sign in here
