Debt is major worry for the young

More than a third of young people are worried they will slip into the red during the next three months, according to a new survey.

Often creaking under the burden of student debt and with the economy slowing, 36% of people under the age of 35 told financial services company CPP that they thought they would not be able to pay their bills without slipping into debt.

However, the survey of 2,000 UK adults found that older consumers - often enjoying growing personal wealth due to increasing house prices - were largely confident they could avoid running up debts.

In fact, only 17% of people surveyed over the age of 35 said that they may struggle to pay all their bills during the next three months.

Across all age groups, one third said not being able to meet mortgage repayments was their biggest financial fear.

In addition, 21% feared not being able to their Council Tax and 16% their utility bills.