Saturday 18 September 2021

Many youngsters already in debt at 18

One in five youngsters between 18 and 24 years old is in debt and cannot pay their health insurance or their telephone provider, according to new research.

Many of them have unpaid fines or are lagging behind with their tax payments, the family spending institute Nibud said on Tuesday.

In 20% of cases, the amount of debt is €2,500, Nibud said.

‘They are only just financially responsible for themselves and even then do not have their affairs in order,’ a Nibud spokesman told news agency ANP. ‘It’s worrying that they get into debt so young.’

Parents

A ‘welcome surprise’ was the central role parents continue to play when their offspring are still under age. Over half (63%) of 18-year-olds said they talk to their parents about money matters at least once a month.

‘They can use that influence to help their children to stand on their own feet when it comes to finance,’ according to the Nibud.

1,500 youngsters aged between 12 and 24 took part in the survey.

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