The number of complaints about credit cards, loans and debt services has soared in the past five years as underinformed Generation Z-ers take on borrowing they don’t always understand.
A Freedom of Information request revealed that the number of 16 to 24 year olds contacting the Financial Ombudsman Service for help with debt-based financial services products has risen by more than 200 per cent over the past five years.
Complaints about loans were up from less than 950 to more than 2,850 a year since 2016-2017, according to the request made by those representing financial app W1TTY – and contact over credit services, including credit cards, rose by 210 per cent during the same period.
Meanwhile, the number of young people seeking help for debt services – including those related to current accounts, considered one of the most straightforward financial products available to UK consumers – increased a further 205 per cent.
The figures, which follow data from MoneySuperMarket that…
