The six rules Gen Z shoppers should follow as survey finds average debt exceeds 5,000 | Personal Finance | Finance [Video]

Martin Lewis shares ‘key weapon’ to get rid of credit card debt

Britain’s Gen Z adults are an average of more than £5,000 in debt while one in 10 owe more than double that.

This group of young adults, who were born in the mid to late 1990s through to the early 2010s, are putting their finances at risk with their buy now pay later lifestyle, according to research based on a survey of 2,000 UK residents commissioned by credit management company Lowells.

The average debt for these young adults is £5,069 with 13 percent owing more than £10,000.

It found that credit cards (48 percent) were the most common debt type, followed by buy now pay later debt (18 percent), and payday loans (10 percent).

Some 61 per cent said the financial decisions made in their younger years had affected them in later years.

Average debt for gen Z is £5,069 (Image: Getty)

Lowell UK chief executive, John Pears, said: “Many …