Urgent need to help young with debt - Cable

10.20.00pm BST (GMT +0100) Fri 14th Jul 2006

Describing research from uswitch.com detailing the trends in the level of debt of young people as 'extremely worrying', Liberal Democrat Shadow Chancellor, Vince Cable MP, said:

"This research highlights the fact that there is a pressing need to help the young when it comes to financial understanding.

"All the signs point to a huge shift in the financial knowledge of young people now compared with their parents.

"The Government's university tuition fees, high house prices and the aggressive marketing of credit are all contributing factors.

"Although there is some financial education and help for people when they are in difficulty, the focus should be on tackling this problem before it occurs.

"There should be a genuinely independent financial advice network to help people before financial hardship takes hold."