The number of young people needing help with managing money has doubled since 2019, according to Citizens Advice.
The charity, which supported 66,000 under 25s last year, said one in five (20 per cent) young adults seeking its advice need help with debt.
It warned that many young people are feeling particularly squeezed by the cost-of-living crisis as they face soaring living costs, rising private rents and high inflation.
Despite this, the vast majority of young adults still feel uncomfortable discussing finances.
The charity surveyed 800 UK adults aged 18 to 25 conducted by The Leadership Factor in October 2023.
It found that nine in 10 (90 per cent) under 25s shy away from such conversations, and would rather talk about sensitive topics like health issues, politics or religion instead of money.
Rosi Avis, partnership and communication lead at Citizens Advice Manchester, said: “All of us can struggle to find the words when it comes to talking about our finances.
“And we know young people are really feeling the pinch with rising costs and sky-high rents.
“At Citizens Advice we help thousands of people find a way forward every day. So whether it’s a dodgy landlord, a retailer who’s refusing to give you a refund, or help with credit card debt, we can support you.”
To address this ‘elephant in the room’, Citizens Advice placed a giant 6-metre-tall inflatable elephant in Manchester city centre, with the aim to create a talking point and encourage young adults to open up about their finances and seek support.
It is being displayed in Exchange Square, by Manchester Victoria Station, on February 17 to try to break the silence young people experience when it comes to talking about money and raise awareness of the support Citizens Advice can offer.
Staff and volunteers from the charity will be on the ground in Manchester to help answer questions from the public and give advice and support on money troubles.
In the Citizens Advice study, embarrassment was listed as the top reason why young adults feel uncomfortable discussing money, followed by the fear of comparison.
The top five reasons why young people feel uncomfortable talking about finances were:
- Feeling embarrassed of their financial situation (35 per cent)
- Feeling worried how their finances compare to others (31 per cent)
- It’s too personal a topic to talk about (18 per cent)
- Not wanting the other person to feel uncomfortable in the conversation (15 per cent)
- Not knowing enough about finances to talk about the topic confidently (12 per cent)
Avis said: “The most important first step is to speak to someone about your worries: whether it’s a family member, a mate or one of our trained advisers. We’re here to help and make you feel less alone.”
sonia.rach@ft.com
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