IPOD generation 'most at risk from recession'


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They are known as IPODs – insecure, pressurised, over-taxed and debt-ridden - and now 18-30-year-olds are being failed by financial services, according to the Chartered Insurance Institute (CII).

In a new report, the CII says that those aged between 18 and 34 have been pampered and over-protected yet now face the economic downturn without the skills to cope with it.

Blame is levelled at the financial establishment, with banks being "out of touch" and the government has led young people into a state of financial irresponsibility.

Author of the report Lucy Parsons said: "We are living in 'broke Britain', not broken Britain, and my generation is suffering.

"We are potentially more capable of managing our money than previous generations, but we have been let down by the financial establishment and government."

The report found that nearly a third of IPODS have no savings and a fifth have debts of over £10,000.

According to figures from the Liberal Democrats, 400,000 graduates have not made repayments on their student loans up to seven years after graduating as they are not earning over the £15,000 threshold.

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