'Bling' culture forces young people into debt
AN OBSESSION with "bling" culture is plunging young adults into debt as they overspend on luxury goods they cannot afford, a new report reveals.
Almost three-quarters of 16- to 34-year-olds admit they secretly compete with friends in the amount they spend on gadgets, clothes and cosmetics, according to the survey. And many are spending without having a clue how much money they actually have.
The study was conducted by the mobile banking service Monilink. Almost a quarter of youngsters said debts from luxury spending were a significant strain, while 62 per cent were still paying off debts from purchases made last year and 43 per cent had no savings at all.
The most popular luxury buys are holidays (27 per cent), drinking and socialising (21 per cent), clothes (19 per cent), gadgets (12 per cent), home improvement (10 per cent), cars (8 per cent) and jewellery (3 per cent).
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Monday 28 May 2012
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