A new survey shows that while people in the age group 18 to 29 are amongst the most indebted in the country, they are largely responsible borrowers who haven’t simply run up credit card bills in the pursuit of a lifestyle beyond their means.

The survey, performed for banking group Alliance and Leicester, showed that while young people owed an average of nearly £8k in unsecured debt, and that this represented around a third of their income, nearly half of this debt was in low cost student loans.

Average credit card debt in the age group stands at just over a thousand pounds, which is lower than any other group.

Although the figures give lie to the stereotype of young people being spendthrifts with no thought of financial responsibility, other findings of the survey are more in line with expectations - younger people are more likely to be permanently overdrawn, and generally have a lower level of savings.

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