Fewer than one in 10 people over 30 have never owed any money to anyone, researchers found, even when they stripped out mortgages from the picture. Eight in 10 are still indebted, and the average response to a question asking them to rate their financial stability was that it was “fairly bad”.
Mark Pearson from myvouchercodes.co.uk, which carried out the research, said: “Without a mortgage thrown in to the mix, to see that so few people over 30 hadn’t experienced debt was a bit of a shock.
“It’s best to avoid debt at all costs if possible, as what starts as borrowing a few hundred pounds on a credit card can quickly escalate into loans, overdrafts and more. Always be wise when it comes to borrowing and only ever do it if you know you’ll realistically be able to pay the money back.”
The company asked respondents to its survey how long they felt they would owe the money for. Nearly a third (32pc) felt that they would continue to owe it indefinitely, with 27pc suggesting that they would owe it for the foreseeable future.
Those respondents who had adult children themselves were asked if their children were in debt, and nearly half said yes, a third were unsure, and only 23pc could say a firm no.
Recent figures from the Office for National Statistics show that the ratio of consumer debt to disposable income has risen for the first time since 2008, and the Consumer Credit Counselling Service, a charity, suggests that this will get worse in the coming months.
The charity also said that people were increasingly turning to payday loans to fill a gap in their income.