YOUNG ADULTS in Redditch are facing significant financial struggles with many battling debt and seeking help with budgeting, according to new figures released by debt help and budgeting charity, Christians Against Poverty (CAP).
CAP Redditch Debt Centre said 30 per cent of 18 to 34-year-olds were struggling to repay debt, compared to 23 per cent of those aged 35 to 54 and just seven per cent of over-55s.
In Redditch, 6.4 per cent of young people between the ages of 18 and 25 are not in employment, education or training. This is compared to 5.4 per cent for the whole of England.
Oasis Christian Centre is working with CAP to help young people in Redditch who are struggling financially.
Emma Marshall, CAP Redditch Debt Centre Manager, said: “Any age group can be affected by debt but young people in particular are facing significant financial pressures at the moment and with easy access to credit card deals and Buy Now Pay Later schemes, it is no wonder so many are falling into problem debt.
“Some young adults have to borrow just to afford food.
“Borrowing has become the norm. Young people have become reliant on credit for their education, housing and sometimes even day-to-day essentials, which is far more than their previous generations.
“With a growing number of households borrowing more, and the rise of high-interest credit products available, young people are facing a lot of financial pressure right now and some are struggling to repay their debts.
“At CAP, we are concerned about their long-term financial vulnerability and recognise they need our support more than ever.”
CAP has produced free budgeting resources for nine tot 11-year-olds and 14 to 16-year-olds which can be used by parents, in schools and community groups to educate young people in financial literacy.
CAP also runs money coaching sessions for adults in addition to offering holistic support and debt help services.
Mrs Marshall added: “Without better financial education and support, our younger generation runs the risk of becoming trapped in a cycle of debt.
“That is why we are raising awareness of our free budgeting services and resources available.”
Visit capuk.org/help for more information.
