ICR253: How to get Generation Debt back on track

This week on the show, we're talking about how to get Generation Debt back on track.
Insurer LV= has published some new research which has found renters among the late-Millennial generation (25-34 years old) are one of the least financially resilient groups in the UK.
Based on research conducted with over 9,000 people, the first instalment of LV=’s ‘Income Roulette’ research found that more than half (55%) of 25-34 year olds fall short of the Money Advice Service (MAS) recommended amount of savings to be financially resilient.
Resilience can be defined as someone who has 90 days’ worth of outgoings in savings, however the research found that a third (34%) of late-Millennials could only survive for one month or less if they lost their income. These figures are even more pronounced for renters of this age, who make up almost half (45%) of the group.
Two-thirds (65%) of 25-34 year olds who rent don’t have the level of savings specified by MAS – almost double the national average (37%) – and 45% could only cope for one month or less without their income. In addition, more than two in five (44%) aren’t confident in their ability to handle a personal financial crisis, again far higher than the UK average (33%).
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Introducing Andy Webb
My co-host for this episode is Andy Webb, founder of Be Clever With Your Cash.
Andy is a blogger, journalist and trainer on all things money and consumer.
Alongside Be Clever With Your Cash, he works two days a week as the senior writer for The Money Advice Service’s blog.  Andy also represents the company as a “money expert” on TV, radio and in print.
He's appeared on BBC Breakfast (BBC One), Rip Off Britain (BBC One), Right on the Money (BBC One), Channel Five News, You and Yours (Radio 4), Newsbeat (Radio 1), Rip Off Britain Food (BBC One) and dozens of local radio stations.
Personal finance news
-Members of the post-war baby boomer generation have enjoyed a massive boost from private and workplace pension income over the past 40 years. New figures from the Office for National Statistics show 80% of retired households received income from a private pension last year.
-UK house prices recorded their fourth consecutive month of quarter-on-quarter falls in July. The latest figure from the Halifax reported that average property prices fell by 0.2% between May and July.
-Household bills have risen at more than double the rate of price inflation over the past year. The Billflation Index from comparethemarket.com found the average monthly cost of household bills rose by 5.7% to £845 in April 2017, compared to the same month last year.
-The Sunday Telegraph has reported that Britain is ready to pay up to €40bn as its 'divorce bill' to leave the European Union. The newspaper cited three unnamed sources who were familiar with the negotiating strategy.
-Four in ten care homes have failed inspections, according to new analysis of Care Quality Commission reports. The Daily Mail analysis found 5,300 care homes have been inspected by the regulator this year and 2,000 were found inadequate or in need of improvement.