Youth and debt

Young people taking on increasing levels of debt is no longer an issue our community can sweep under the carpet.

In order to determine the attitudes of young people to financial literacy and the extent of youth indebtedness in NSW, NSW Fair Trading undertook a statewide research study.

The views of more than 600 young people between the ages of 15 and 24 were canvassed. The findings show that teenagers in NSW who had encountered problems with owing money had an average debt of over $3,000.  For those aged 18-24 years, this amount was close to $6,000.

For many young people, owing money is a bigger issue than unemployment.