Young people are being urged to speak to their parents regarding debt advice and how to survive the credit crunch. Rosanna Spero, a psychologist and journalist, said that parents and grandparents have become accustomed to economic changes, and are in the best position to offer debt advice about the credit crunch and how to handle their finances.

Spero Comments: “They’ve lived through the ’80’s, they’ve lived through the ’70’s, they’ve seen all this cycle time and time again, so they’ve had this experience… Perhaps the younger generation would do well to go get a few tips from their parents and grandparents about how to survive it.”

This links to a research by Lloyds TSB which revealed that over 50s are least concerend about the credit crunch and changes to the economy, as they have lived through recessions in the 1970s and 1980s.