When the average Briton comes out of university in their early 20s they already find themselves in some form of debt, whether it is from student loans, accommodation costs or really, really embracing the student lifestyle.

People typically expect to be clear of their debts, including mortgages, by the time they are aged 57 according to a new report compiled by the Centre for Economics and Business Research (Cebr).

However, as part of the study, Cebr compared their findings to people's expectations in a survey of more than 2000 people by the Office for National Statistics (ONS).

The report found the average Briton can actually only realistically expect to become debt-free at the age of 69.

And it is worse for those only reaching adulthood now as the research, commissioned by peer-to-peer lender Zopa, shows 16-24 years old are likely to have an even longer wait to reach their "debt-free birthday".

Here is the average age that different age groups can expect to become free of debts, including mortgages, according to the analysis by Cebr:

Despite having the most non-mortgage debt typically and owing £14,200 per household on average, the report found 18 to 24 year olds are the most optimistic and expected to be aged 38 typically when they have paid off their non-mortgage loans.

However, people in this age group are unlikely to be free of non-mortgage debt until they are at least 66 years old with student loans the biggest single contributor to non-mortgage debts for 18-24s.

Even when mortgages are not taken into account for the other age groups, the report found people are still generally over-optimistic about when they will be able to clear other types of debt; such as personal loans, credit cards, store cards and car purchase agreements.

Giles Andrews, executive chairman and Zopa co-founder, said: "There are lots of explanations for why people are overly-optimistic about the time it will take them to pay off their debt.

"One is that younger generations are guided by the experiences of older ones as people used to become debt free earlier in life, as they owed less."

The report also broke down how their findings vary by region across the UK, including mortgage debts:

The findings come around the same time as another report, commissioned this time by the Scottish Government, which looked at funeral poverty and costs across the country.

The report recommended that MSPs call on the Westminster government to increase Social Fund payments to ensure they cover the cost of a basic funeral, at an average of £2300.