With Britain passing the cumulative debt watermark of £1 trillion this decade amid a growing frequency of debt-linked problems, National Savings and Investment’s Elen Thomas says there has been an ideological shift where money is concerned.
Describing the ease with which credit card spending is undertaken, Ms Thomas argued it was easy to deceive oneself that hard cash was not being handed over.
“It is so easy to hand over a credit card,” she explained.
“There is no physical reality of handing over cash,” she went on, describing the “disconnect” between the act of spending and the reality of dwindling funds.
“The younger generation especially, don’t see saving as an immediate concern,” she concluded.
Apacs estimates more than nine in ten adults hold one or more credit cards and have credit card debt.