More than a third (35%) of Gen-Z adults aged 18 to 21 worry about their finances every day, according to research for a major bank.

But only a fifth (20%) of young adults said they would be interested in learning about debt management, the survey for Santander UK found.

Just over nine in 10 (93%) of young people surveyed said they worry about money generally.

Less than a third (30%) of young adults surveyed said they had learned about student loans at school. One in eight (12%) said they had been taught about personal loans, and a fifth (21%) recalled learning about credit cards.

Separate research published in November last year by StepChange Debt Charity indicated incomes are 28% lower among its clients aged 18 to 24 compared with all StepChange clients, equating to £490 less per month.

Mark Weston, director of financial support at Santander UK, said: “Debt is an important part of most people’s day-to-day finances.

“Borrowing money allows people to buy homes, access higher education, and make big purchases. However, it’s crucial that people know the appropriate risk and reward trade-off before making the decision to borrow, to avoid unexpected difficulties in the future.”

Many banks and building societies have tools on their websites to help people with finances and budgeting and Santander UK has free financial health check and budget calculator tools.

Help with budgeting and debts is also available by visiting websites such as the Government-backed MoneyHelper service as well as comparison websites and websites belonging to charities.

People can also reach out to their lender to discuss their options if they are worried about struggling with debts. Getting help early can mean there are a wider range of potential options to deal with any problems.

Savanta surveyed more than 2,000 18 to 21-year-olds across the UK in October and November 2024 for Santander.

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