More than six in ten Britons are more dependent than ever on credit and finances, with young people suffering the most.

A survey of 2,000 adults found that 60% of people between the ages of 25 and 34 believe that the rising cost of living has made them financially more difficult than the older age groups.

And nearly half (48%) of young adults are using credit and financing options more than 12 months ago, compared to only a quarter (24%) of those aged 55-64.

Only 28% of the personas of 25 años 34 años pagan el monto total de inmediato cuando compran artículos nuevos, y en su lugar confían en los depósitos y la financiación, mientras que el 73% de las personas de 55 años 64 años pagan de once.

Utility bills, food and rent are the top three monthly expenses for young people.

But fewer than one in five (17%) of 25-34-year-olds have money to save at the end of the month, compared to 64% of 55-64-year-olds.



Having the means to climb the property ladder is a major concern for two out of five young adults.

Anita Naik, savings expert at VoucherCodes, who commissioned the research to start a contest for someone to earn a whole summer without rent, he said: “Life has suddenly become more expensive for all of us.

“It can be particularly difficult for young people to cope with this change, especially if they have not been financially independent for a long time, because it is now more difficult for them to reconcile investing in the future and enjoying the present.

“Collecting coupons from newspapers and magazines was the norm for the older generation.

“But it might surprise people to find that coupons can still help people save significantly today, so funding and credit shouldn’t be the only options for young people to get what they want. They want and need.”

In the current climate, financial security is a concern for the younger generation, with the main concerns being able to retire (42%), have substantial savings (42%) and climb the ownership ladder (40%).

On the other hand, 55-64-year-olds’ main concern was being able to afford a good vacation (26%), with 37% admitting that they are not worried at all about their financial future.



Cars are the most common things people pay for with their finances

It also found that cars (33%), cell phones (28%) and furniture (27%) are the most common items that people are likely to buy with finance or credit.

TVs (25%), hosting (25%) and devices like tablets and laptops (25%) also top the list.

And one in five went on to say that most of the things they own now are rented or bought with financing, with the aim of owning things they otherwise could not afford.

The study, conducted via OnePoll, also found that 36% of adults think it is impossible for someone to buy property in the current climate, with those aged 25 to 34 who believe it the most (50%).

Anita Naik added: “Every generation should be able to live their best life this summer and we are passionate about helping millennials with their biggest expenses.

“This is why we are launching our ‘Who Wants to Be a Millennial-Air?’ Program. contest, giving one lucky participant the chance to win an entire free summer fee, as well as other summer goodies.