Abacus Daily Debt News

Britain becoming more financially responsible?

Younger generations could be creating a new benchmark for a better financial future, it has been suggested, as 31 per cent of those aged between 12 and 29 are making debt settlements a priority.

This is according to Friends Provident, which stated that this is a preference for this demographic over saving for a house or subsidising a career break.

Director of UK Corporate James Ward welcomed this development, saying that it is "very uplifting" to witness.

"It is encouraging to see a large percentage of twenty-somethings taking responsibility for their finances and planning for their future at such a young age," he continued.

What’s more, putting money into pensions also appears to be a growing concern for Generation Y, with 44 per cent saving for their retirements already.

This follows a study by Business Development Research Consultants, which recently revealed that overspending is a worry for many Britons and the majority of people are cautious about their expenditure.

By Sarah Adie