Recession novices `concerned over debts`

People aged 34 or under are more worried about paying off their debts during the recession than their older counterparts, it has been claimed.

According to research conducted by Lloyds TSB, so-called "recession novices" are mainly concerned about the effects of the downturn on their lifestyles, having less money to spend and not being able to pay back their existing debts.

In contrast, consumers aged over 34 - or "recession veterans" - are more focused on wider economic issues, such as low interest rates, poor management of the economy and rising crime.

Meanwhile, a fifth of recession novices are becoming more frugal, compared with 39 per cent of veterans.

In a message to consumers of all ages, Graham Lindsay, managing director of customer experience at Lloyds TSB, advised: "If you have financial worries, facing them head on is always the best policy and having a plan of action puts you in control and helps to put your mind at ease."

In a bid to make younger people more financially savvy, students at the University of Exeter recently gave debt literacy workshops to pupils at the Isca College of Media Arts, the Express & Echo reported.