Latest research shows 16% of UK adults have debt problems….
According to the latest research by Debt Advisory Centre (DAC), as much as 16% of UK adults have debt problems – highlighting the importance of personal finance education (PFE).
As PFE is now part of the national curriculum in secondary schools throughout the UK, the financial state of British families is under the microscope more than ever before.
DAC’s research found adults aged between 35 and 44 years are the most common age group to suffer from debt problems with 19% of this age group admitting that their debts were a “problem” compared to just 8% of over 55s.
Taking over people’s lives
The research also found that these debt problems are ultimately taking over people’s lives.
Of the 16% that admit they have a problem 92% said they worried about their money troubles “often” or “all the time” while just under half (49%) said it impacted on their sleep.
A further 38% believed the money they owe affected their mental health with other areas they listed as being impacted by money matters including:
- Family relationships (56%)
- Personal relationships (33%)
- Health and wellbeing (31%)
- Friendships (18%)
- Performance at work (11%)
A spokesman from DAC, Ian Williams, commented on the findings by saying:
“The link between over indebtedness and mental health problems are well established. What our survey reveals is how problem debt can affect every aspect of people’s lives.”
What this means for Britain’s children
With an increasing number of parents finding themselves in debt, the future of Britain’s children is hanging in the air.
Experts predict the adoption of PFE in schools will allow the next generation of adults to enjoy a safer financial future with less risk of debt or money problems.
This is because they’ll be educated on financial matters from an early age, allowing them to make informed decisions concerning their money and hopefully reducing debt problems.