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Loan charges: Saving 'hardest' for people in their 20s and 30s

People in their 20s and 30s may end up facing loan charges as an expert has said saving is hardest for people in these age groups.

Jasmine Birtles, founder of consumer website, claims that people in their 20s and 30s grew up during a time when it was common to "put it on plastic".

She said: "You've still got people in their 20s and 30s who just can't bear the idea of cutting back.

"They want to have the new clothes every season, they have to have two or three holidays a year … It is going to be hardest on them because a lot of them are already in debt."

Ms Birtles added that it is hard for people in this age bracket because they have to pay off debt and live on less than what they have been used to.

Research by R3 recently revealed that eight million people are set to go into their overdraft this month.

Charles Baker

Charles is a reputed financial analyst with almost decades of experience under his belt.

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