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News: Young people 'have multiple current accounts' News: Young people 'have multiple current accounts'

Young people 'have multiple current accounts'

Fri 12 Mar 2010 - Published in Banking

Young people 'have multiple current accounts'

Almost one tenth of the UK's young people have access to multiple current accounts with overdrafts, it has been found.

Research published by Callcredit Information Group revealed that nine per cent of 19 to 24-year-olds own three or more bank accounts with an overdraft facility, compared to seven per cent of adults.

The poll also showed that two per cent of young adults with multiple current accounts have opened more than five with different providers, while 11 per cent have overestimated their income when applying for credit.

Graham Lund, managing director of Callcredit Information Group, said many consumers seem to be struggling to manage their financial affairs, despite the end of the recession being in sight.

"What's particularly concerning is the proportion of young people who appear to be targeting multiple providers for access to multiple overdraft facilities," he added.

Last month, research from price comparison website moneysupermarket.com claimed that ten per cent of Brits, or around five million people, permanently live in their overdrafts.