Judith Donovan CBE, Chair, of the Keep Me Posted campaign, comments on the Money Advice Trust’s ‘Borrowed Years’ report, investigating young people and their relationship with credit and debt:
“We are glad that the Money Advice Trust is bringing the issue of young people in debt to the public’s attention and hopefully, their findings will inform many young people about ways in which they can better manage their finances.
“While many young people assume that they are best served by managing their money online due to their relatively high level of digital capability, we believe that the choice of a mixture of methods should be available to give them the most control possible. In fact, the Keep Me Posted campaign’s research has found that consumers are much more likely to manage their accounts effectively if they receive bills or statements on paper (75 per cent vs 48 per cent for those who received electronically) *. As the Money Advice Trust’s report acknowledges, more than a third of under 25s already opt for a paper bill for this very reason.”
* YouGov and London Economics, ‘Managing Money Online’ report, December 2014