A desire for ‘blinging’ accessories and fashion items in general has seen many thousands of young Britons head into the red, it has emerged.
Research carried out on behalf of the mobile banking firm Monilink has suggested that as many as seven out of ten UK consumers aged between 16 and 43 are in debt because they want to be seen as cool.
However, for almost a quarter of Britons in this age bracket, the resulting
debt management headache has become a cause of “significant” concern.
Around 19 per cent of young people use debt to fund their clothing purchases, while 21 per cent use credit in order to go out and socialise, the latest figures suggest.
John Milliken, managing director of Monilink, said: “This study highlights the price younger Britons are willing to pay for peer acceptance. But for many, the price is too high – leading to financial problems.”
Meanwhile, research published recently by Abbey revealed that almost one in five British children aged between 11 and 15 are already afraid of being in debt in adulthood.