While most of those over the age of 55 feel relatively financially secure, many of their younger counterparts fear for their financial future, according to a recent survey by Scottish Widows.
A full 73 per cent of 18-23-year-olds fear that they may end up in debt if they’re not already, while 61 per cent of those 55-years-old and over feel confident that they will stay afloat, the survey found.
Overall, many in the UK – 59 per cent – are worried about what the future has in store for them financially.
George Andrew, consumer affairs spokesperson at Scottish Widows, said: “We all need to be thinking about our financial future no matter what age we are and it is interesting to see that ‘the older the wiser’ really does seem to apply when it comes to finances.
“Many young people are focused on paying off student debt and getting on the housing ladder and longer term financial planning takes second place.”
Most young people, 66 per cent in fact, think that their parents are much more knowledgeable financially than they themselves are.
In September total personal debt in the UK exceeded £1.25 trillion, according to debt charity Credit Action.
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