Young people are borrowing to cover basic living costs, warns City watchdog

FCA boss raises alarm over growing debt burden of young people in UK as number of insolvent 18- to 34-year-olds jumps by a third

The head of Britain’s financial regulator has warned that a growing number of young people are having to borrow to cover basic living costs.

Andrew Bailey, chief executive of the Financial Conduct Authority, told the BBC that while it had not yet reached crisis levels, it was worrying that debt among young people was growing. He talked about a shift in the generational pattern of wealth and income.

Continue reading...

from The Guardian http://ift.tt/2gIOVme