UK teenagers `aspire to debt`

New research has drawn the worrying conclusion that many British teenagers consider debt a necessary part of their financial future.

According to research by financial taskforce AXA, 44 per cent of teenagers aged 14 to 17 intend to apply for a credit card after reaching the age of 18, while a further 18 per cent claimed they would actively pursue a bank loan, according to moneyhighstreet.com.

Researcher Professor Nick Chater is quoted as saying: "These things are seen as the norm so that teenagers think they are only doing what is typical in expecting to get into debt sooner rather than later."

He added that another reason for this may be the inability of many young people to manage a budget effectively, with 70 per cent overspending by an average 16 per cent when put in charge of their household`s finances for a week as part of the study.

A recent survey by Which? magazine found that many people are acting irresponsibly with their credit and debit security, with over 50 per cent of respondents using just one Pin number for all cards.