According to Sky News’ research, 65% of 18 to 34-year-olds are anxious how they will cope if (and when) interest rates increase. This represents a significant higher level of anxiety when compared to all other ages.

To make matters worse, new analysis from Yorkshire debt charity StepChange has additionally revealed that more and more millennials are actively seeking advice on the best ways of managing their money and dealing with the issues surrounding it. Six years ago, only half of the people that contacted the organisation for help were under 40, whereas the group now makes up almost two thirds.

The above data adds further complexity to the UK’s already-problematic debt profile. Recently, for instance, the amount of unsecured debt, which comprises of car finance, overdrafts, personal loans and credit cards, surpassed £200 billion. These kinds of figures were last seen towards the end of the financial crisis in 2008.

Having provided our accountancy services throughout Leeds, Yorkshire and the UK for a number of years, we will naturally be keeping a close eye on any future developments. Everyone at Lima Accountancy also hopes that the correlation between young people and finance worries does not continue.

Should you need any assistance in making your money work, from payroll and personal/business taxation right through to start-up advice, please do not hesitate to get in touch with a member of our expert staff today.

Possessing the knowledge and experience to help, our expertise allows to effectively handle all types of accountancy work. Feel free to call us on 0113 844 0402 or email enquiries@limaaccountancy.co.uk for more information.