Young people get into debt attitude

The cultural transformations that have made people accept life in debt have had a direct impact on the approach youngsters take to money matters, which could lead to negative consequences in the long run as many of the next generation would resort to IVAs to cope with serious financial issues.

An expert from the Debt Advice Foundation said that most representatives of young generation realize it is more reasonable to save up money than take out loans, but borrowing still remains the option they tend to choose.

David Rodger said that a radical change in attitude to borrowing and saving had taken place over past years, having become deep-seated in society. He believes that confronting this problem is one of the most difficult challenges Britain faces.

Besides, having many debts can bring about some of the very worst type of stress, therapist and wellbeing coach Dan Roberts said.

He claimed that this could have worse effects than such events as bereavement or divorce because one can get over these sooner or later, whereas being in serious debt is something a borrower have constantly hanging over them.
 


Articles

The cultural transformations that have made people accept life in debt have had a direct impact on the approach youngsters take to money matters, which could lead to negative consequences in the long run as many of the next generation would resort to IVAs to cope with serious financial issues.

When we put efforts into our work and get paid for this, we get an amazing feeling of satisfaction. Our hard hard work seems to have been remunerated financially. We go shopping and buy the items we need and the items we simply want.