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Student debt now a third of a mortgage!
09 August 2016
UK students are graduating from university with an average debt of £41,000. That, says the Money Charity, is equivalent to a third of the average outstanding mortgage, which stands at £117,162.
The runaway cost of accommodation have become a big factor in the debt mountain. Halls, even outside London, cost nigh on £5,000. The Money
Charity's CEO, Michelle Highman said: “Normalising large quantities of debt right at the start of people’s financial independence risks setting them up to fail.”
This news came as new research from Aviva found almost 75% of millennials in London are relying on one-off events to help them repay their student debt.
Some two thirds of millennials in the capital dmit they are still relying on ‘the Bank of Mum and Dad’. Many are hoping for a promotion, inheritance, and even a lottery win to help them out of their debt hole.
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