`Peer pressure` creating financial concerns for UK youth

15 August 2008

Young people in the UK are at risk of getting into debt by trying to keep up with their peers, a new report has indicated.

Research released by Alliance & Leicester, carried out by Opinium, found young workers and teenagers are not saving wisely, instead preferring to spend money on clothes and accessories.

Almost a quarter (24 per cent) of people aged 16 to 21 said they were "under strain" to spend money to impress their friends, while 34 per cent thought their peers judged them on possessions such as handbags and sunglasses.

Getting into bad spending habits at a young age may potentially result in debt problems or credit card debts.

Current account manager at the bank, Andy Muddimer, 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."

According to new research from American Express, people aged 25 to 34 are most likely to feel stress.

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Gregory Pennington are founder members of DEMSA (Debt Managers Standards Association).

DEMSA are the first trade body within the finance industry to successfully secure approval for its code of practice under the OFT Consumer Codes Approval Scheme (CCAS).