Labour Manifesto: Young people in debt

16 May 2017

“Just look at the last seven [years of Conservative government]... more young people in debt.”

  • Nearly a third of people in Great Britain aged 16 to 24 have financial debts. A similar proportion of those aged 16-34 live in households with more debts than assets.
  • Those aged 16 to 24 have the highest level of debt compared with their income. Of those in debt, half report debts of 40% or more of their annual income.
  • The proportion of people aged 16 to 24 who have financial debts fell slightly from 35% in 2010-12 to 32% in 2012-14—the latest figures available.
  • The average debt for 16-24 year olds rose in the late noughties, but fell between 2010-12 and 2012-14.
  • Mr Corbyn may have been referring to the highest value category of debt, student loans—which more young people are taking on, according to the Student Loans Company.
  • At the end of the 2015-16 financial year there were 5 million people with government student loans; of these, 2.9 million had loans liable for repayment. That’s an increase of 28% and 27% respectively compared with 2012-13.

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