The recession: impacting the young

Many young professionals or graduates are being hit by the recent recession just as much as families or older professionals.

According to a study, 77% of graduates thought they wouldn't be able to afford a property of their own "within the next five years" whilst 33% of people thought they would "never" be able to step onto the property ladder following the recession.

One recent graduate commented, "I can't even get a bank account, let alone a mortgage. Banks won't touch me because I have no credit history and I have a large student loan after coming out of uni. I am really worried about the future."

Many online lenders are now offering bad credit bank accounts, as well as bad credit homeowner loans and mortgages to help young people get onto the ladder and start building their credit history. This gives hope to many who would otherwise be struggling to make any kind of financial move.