Debt is the leading financial worry for those under 30, according to a survey by deVere Group.
Nearly half (48%) of those surveyed said debt is their greatest concern, followed by income security (26%) and inadequate retirement funds (15%).
“With nearly half of respondents expressing anxiety over student loans, credit card debt, living costs and other financial responsibilities, debt’s pervasive grip on young adults’ financial wellbeing remains undeniable,” says Nigel Green, CEO of deVere Group.
Green warned that the fear of long-term indebtedness is affecting life decisions including career choices and the ability to make major purchases.
To tackle the issue, Green called for a joined-up thinking approach that includes financial education, responsible borrowing practices, specialist financial advice and policy measures designed to make education and housing more affordable.
Green explained: “In an era characterised by economic uncertainty, changing job markets, and tech developments, the fear of unemployment or irregular income streams appears palpable among this demographic. Young adults often grapple with building a solid financial foundation whilst navigating the gig economy and evolving employment structures.
“As they navigate this dynamic landscape, seeking adaptable skills, staying informed about industry trends, and cultivating a resilient mindset become vital strategies for under 30s to weather job uncertainty and secure a stable future.”
Green said the fact one in six are also concerned about their ability to secure a comfortable retirement highlights a growing awareness of the need to save for the future.
Green said the survey findings signal a call to action for financial institutions, educators, and policymakers to “develop targeted strategies that address the serious and legitimate financial worries of the younger generation.”
