Business

Christmas debt looms for young parents, study suggests

More than one in four young parents expect to get into debt over Christmas
More than one in four young parents expect to get into debt over Christmas More than one in four young parents expect to get into debt over Christmas

MORE than one in four young parents expect to get into debt over Christmas, new research suggested.

A survey of 4,000 people in the UK aged 18 to 30 indicated that many will be faced with expenses they cannot afford over the festive season.

The Young Women's Trust said its study revealed that many young people were borrowing money from their parents into their late 20s.

Young women were more likely to be in a difficult financial situation, said the charity.

Chief executive Dr Carole Easton said: "Young people tell us they want to work hard and be financially independent but, as prices rise and wages remain low, more and more are struggling.

"Christmas is a particularly hard time for those on low pay who want to provide for their families.

"Young women are more likely to be stuck on low pay and on zero-hours contracts. Often they don't know how many hours they will work each month and whether they will earn enough to pay their bills.

"It can be particularly hard for young mums; in some cases, low pay means an hour's childcare costs more than an hour's wages. As a result, many are failing to make ends meet and are falling into debt."