One in five debt relief clients is younger than 30 years old. How did this happen? State Secretary Claudia Plakolm (ÖVP) addresses the “Krone” about debts.
“Kron”: Madam State Secretary, youth debt is a topic that is becoming increasingly important. How many young people are affected in Austria?Plaque column: We can clearly see that youth debt has increased significantly. More than one in five clients who receive debt advice are younger than 30 years old. We are talking about an average debt of more than 30,000 euros. That’s just the tip of the iceberg. Because these are only the young people who actually seek help.
They recently launched the ‘What does the account say?’ campaign. to raise awareness about this problem. What are the most common reasons for youth debt?
I see huge developments in social media trends such as #klarna Debts, where influencers brag about the amount of debt they have. I think that is seriously concerning. This quick satisfaction of needs, which you can experience through a quick consumer loan, through a quick online purchase, through a few clicks, must be contrasted with sober facts. It may not be charming, but I think we have a duty to be the spoilsport.
Do you think it would be important to teach finance etc. in schools?
It is extremely important to teach young people to deal with money consciously from an early age. More financial knowledge in schools is certainly desirable. We are also working on offers, materials and workshops for teachers and students through the national financial education strategy. Young people need to be prepared for life when they leave school.
How can you make the subject of debt and finance relevant to young people beyond schools and guidance?
Just talk about it at home. That is why it is important to talk about financial education in schools. Discuss the topic with your friends. If one in five clients who receive debt advice are so young and many have high debts, then the subject is simply not discussed enough. We need to talk more about money and break this taboo.
Source: Krone
I am Ida Scott, a journalist and content author with a passion for uncovering the truth. I have been writing professionally for Today Times Live since 2020 and specialize in political news. My career began when I was just 17; I had already developed a knack for research and an eye for detail which made me stand out from my peers.
