Money News
15th August 2008
Peer pressure fuelling rise in debt among young
Peer pressure and the need to keep up with fashions is driving young people to take on loan and credit card debt, it has been discovered.
According to research conducted by Alliance & Leicester, 24 per cent of people aged 16 to 21 said they spend their money in a bid to fit in with their friends.
Northerners are most likely to feel under pressure to spend more as a result of peer pressure, with over a third (34 per cent) admitting they often spend more than they can afford.
Andy Muddimer, current account manager at the lender, said: "While spending on clothes and accessories to keep up with your mates is important to this age-group, 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."
The survey also revealed that 34 per cent of young people feel they are judged on their accessories and clothes.
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