Funding for the next generation
Levels of debt are amongst the highest of any group for those aged 16-34.
The average debt owed by an 18 year old is £5,100, while a 25 year old will owe an average of £8,000. Only a small proportion of this debt is covered by a student loan, so many of these yong people will begin their adult life with bank and credit card debt of over £7,000.
Hannah Trotman, a 19 year old student at St. Andrews University thinks that having a Child Trust Fund would have made a real difference to her as she embarks on her studies.
"I'm a student at the moment and I think it definitely would have helped to have some savings. Money is one of the things I worry about and having that backing would ease my mind a little. It'd also be less pressure on my parents to help me pay for my studies; I'd like to be more independent."
What difference would having a trust fund have made to you? Share your story here.
