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Essay text:
A survey taken by the Australian Institute of Health and Welfare shows that the average debt of young people in the age group of 15 to 17 years is $3,300, whereas the 18 to 24 years group experience an average debt of about $5,830.
Financial burden faced by young people is mainly contributed by social pressures to keep up-to-date with changing trends in areas such as fashion and technology. Investments such as cars, university education and other large purchases also play a major role.
The most common types of financial debt faced by young Australians include; phone bills (both mobile and home), car repayments and expenses, fines, credit card debt, personal loans, debt to family and friends, rent arrears, gambling and Centerlink debts...
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