Going Broke: Young People also at Risk

Bankruptcy is usually associated with older people who may have led a professional life at one stage. Recent research however shows that young people are also experiencing bankruptcy.

The total number of bankruptcies in all age groups has increased, but as new figures show, improvement has been made with those people under 25. In 2001-2002, 12% of bankruptcies had occurred to a young person. For 2002-2003, this has declined to 9%, which shows that young people are being cared for in regards to their financial needs. Complacency cannot be practised however, as it is still a problem that looms for many young people.

For more information, check out:
http://www.youthfacts.com.au/index.php?option=displaypage&Itemid=258&op=page