Intrum publishes the figures in the European Consumer Payment Report, in which the company primarily focuses on the generous spending attitude of young people. It turns out that buying things on credit or with borrowed money is not a taboo for one fourth of the young people, especially when shopping online. The financial service provider finds the ease with which money is borrowed “worrying”.
In addition, 35 percent say they do not have enough financial resources to be able to lead a “dignified” existence. A lot of expenses have to be made a first time, which is challenging with the salary from their first job. The advent of online shopping and assertive advertising via social media also affects consumption. Of the young people surveyed, 34 percent said they would eventually buy more expensive items than they had intended.
Ignorance often lies at the basis of irresponsible choices that can later become a financial damper. “We see the dangers appearing year after year in our figures and analysis,” says Colpaert, who thinks that schools should focus more on financial literacy.
Source: VRT Nieuws (Belgium)
