New research has suggested that teenagers and young people may be heading into debt due to spending on the latest fashions.
Alliance & Leicester has said 24 per cent of people aged 16 to 21 felt pressure from their peers to spend money. The research, undertaken by Opinium, also found 34 per cent felt judged by friends due to what accessories they owned.
This kind of spending could ultimately result in taking on unaffordable credit and debt management problems.
Andy Muddimer, the bank’s current account manager, said it was “important” to keep up with trends for younger people. However, he said money management would help in the long-run.
“We would urge them to get savvy with their cash and that will make it easier for them to keep up with the new trends and lifestyle accessories.”
In related news, the University and College Union said student debt is hitting “record highs” and young people are underestimating the costs.
By Morwenna Kearns