Financial problems? 3 million young adults would consider bankruptcy

August 7, 2007

While a generation ago bankruptcy was the preserve of the failing business, many of today’s young adults see declaring bankruptcy or opting for Independent Voluntary Arrangements (IVA) as an acceptable solution to their financial difficulties. Latest research from MINTEL finds that as many as one in five (22%) or almost 3 million 18 – 34 year olds would consider bankruptcy or taking out an IVA, if their situation became serious enough. This compares to half this (11%) amongst those of their parents’ and grandparents’ generation (55+ years old).

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