- Click below to watch a video report by ITV News Anglia's Matthew Hudson
New research shows that a third of British teenagers plan to take out credit within a month of turning 18.
It all comes on the day that sees the biggest number of 18th birthdays celebrated across the UK. Each teenager will borrow an average of £1,891.
But guess what? The same research also discovered that a quarter of teenagers admit they have given no thought to how they will pay it back, and only 31% plan to pay off whatever they borrow within six months.
Parents- it's worth taking a look at some of the statistics here in the East of England...
- · 15% plan to take out credit within a month of their 18th birthday
- · 26% of those planning to take out credit have given no thought as to how quickly they will pay it off
- · £4439 - the average amount teenagers plan to borrow or spend on credit in the first year after turning 18, over double the UK average
- · 21% of 18-24 year olds have got into financial difficulties because they didn't fully understand what was required of them by their lenders
- · 63% of 18-24 year olds have never discussed finances and credit agreements with their parents
- · 40% said if they were in financial difficulty they wouldn't discuss it with their parents
- · Parents of 15-24 yr olds would be prepared to bail their children out of debt to the sum of £5023.20 on average (UK average £4749). Over one in 20 parents don't know whether their children have a loan or a credit agreement.