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Youngsters still need life insurance

Date: Mon, 24 Apr 2006

Recent research reveals that the under-30s are actually managing to avoid severe debt but they should still consider the value of a life insurance policy.

Research by Alliance & Leicester shows that those in the under-30 age group are actually pretty good with credit and therefore may have extra cash to spend on a valuable life insurance product.

The study discovered that Brits under-30 have less credit card debt than any other age group with credit card debt at just £1,073, which is around five per cent of their income.

However, those aged between 30 to 50 years old have an average debt of £2,580 – equal to eight per cent of their household income.

Chris Rhodes from Alliance and Leicester said: "Our research confounds the stereotype that young people are spendthrift and irresponsible with their finances. Student loans are their largest commitment and whilst the interest on these are low, it still seems to constrain their appetite for other debt."


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