Around 66,000 young people approached Citizens Advice for financial support in 2023.
The charity has warned that many young adults are feeling especially squeezed by the cost of living crisis as they face a “triple whammy” of soaring living costs, rising private rents and high inflation.
The number of 18 to 24-year-olds needing help with managing their money has doubled since 2019.
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Jack, a 24-year-old from Derby, has around £2,00 in debt, mostly due to late payments of utility and council tax bills. He says he is currently living “pay cheque to pay cheque”.
“My finances are not in a good position, and I feel terrible about it,” Jack said. “My debt is going down gradually, but I don’t think it’s ever going to hit zero.
“I’d feel more comfortable talking about money if I had a clue what’s going on, but I don’t like discussing it. Even though I know that talking to people who have had similar experiences to me would probably do me the world of good, I still won’t do it, because it’s awkward and stressful.”