Loans preferred over savings suggests charity
Fewer people than even are prepared to save for key purchases, opting instead, to use loans, overdrafts and other forms of credit as a means to foot the bill.
According to a recent study by one of the UK’s most prevalent debt charities, younger generations are less willing to save their hard earned cash, due to the fact that credit has become so readily available over the past few years and also because the societal emphasis on saving, has become almost redundant.
A spokesperson for the firm responsible for conducting the study, commented that the general attitude towards saving has changed quite dramatically over the last few decades. Today’s younger people are far more inclined to act on impulse when it comes to making buying decisions, which is a direct contradiction of the general attitude 20 years ago, whereby saving was considered to be the norm.
This trend is also said to contribute quite heavily towards the sharp rise in cases of personal debt and increased numbers of IVA’s and instances of Bankruptcy. Some experts believe that changes in the economy, may soon curtail the availability of credit to the masses.
