Manoj Raithatha, who wrote 'Filthy Rich', has been responding to new research which shows more and more 17 to 24 year old are getting into debt.
Citizens Advice says it is seeing the number of requests for help from this age group surge by a fifth in a year.
It says analysis of official data of the whole of the UK shows that young people have £12,215 of "unsecured" (non-mortgage) debt on average, more than three times the average £3,988 debt just before the financial downturn between 2006 and 2008.
Citizens Advice debt tips for young people
- Work out a basic budget, including rent, gas, electricity, travel and food
- Prioritise the most important bills. The consequences for not paying some debts, like rent or council tax, can be much more serious than for others, so paying these first is important. Once you have done that, you can look at your budget and work out how much can go towards other debts
- Make the most of the offers available to young people. Under 25s can often get discounts on travel and you may not have to pay council tax if you are in full-time education or on an apprenticeship. Check citizensadvice.org.uk for more information
- Get free independent help. Citizens Advice - www.citizensadvice.org.uk - can help you work out your finances and speak to creditors on your behalf
Much of the rise is down to student loans, however the charity says there has also been an increase in "formal" loans such as bank or payday lending, as well as borrowing from friends and family.
Gillian Guy, chief executive of Citizens Advice, said: "A new generation of young people are starting out with stifling levels of debt.
"Many young people already face challenges getting on the career and housing ladders - doing this while saddled with huge unsecured debts makes it an uphill struggle."
Manoj Raithatha thinks there's a simple solution to the debt problem.
Speaking on Premier's News Hour, he said: "The problem starts with the lack of education.
"In schools, we really need to be teaching life skills to children. How to budget, how to use finances when you start using money."
Listen to Manoj Raithatha speaking to Premier's Hannah Tooley on the News Hour: