FCA boss raises alarm over growing debt burden of young people in UK as number of insolvent 18- to 34-year-olds in the UK jumps by a thirdThe head of Britain’s financial regulator has warned that a growing number of young people are having to borrow to cover basic living costs. Seaside towns in England and Wales have the worst levels of debt among young adults in the UK, led by the Isle of Wight, Torbay and Scarborough. The regulator is also scrutinising the rent-to-own sector, which can charge high levels of interest for white goods such as washing machines, he said. Joanna Elson, the chief executive of the Money Advice Trust, the charity that runs National Debtline, said: “Andrew Bailey is absolutely right to highlight the growing debt burden on young people – often to meet basic livings costs. About half say they regularly worry about money and one in five sometimes cannot sleep as a result.

Source: The Guardian October 16, 2017 08:06 UTC