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'Bling' culture forces young people into debt



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Published Date: 29 April 2008
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).





The full article contains 159 words and appears in The Scotsman newspaper.
Page 1 of 1

  • Last Updated: 28 April 2008 10:34 PM
  • Source: The Scotsman
  • Location: Edinburgh
  • Related Topics: Consumer spending
 
1

Bien E. Bien,

29/04/2008 04:24:43
If these "youngsters" want some real flashy bling, then they should buy a load of gold Krugerrands. 33.933 grams of pure bling, and a snip at USD$908.
2

Rod,

Champfleurie Estate 29/04/2008 07:51:01
The headline says 'forces'. Nobody is forced to spend on luxury items - they choose to spend and perhaps accrue debt in the process. More fool them!
3

hertscot,

29/04/2008 11:02:04
Agree with #2 Rod, but it must be a crap life if all you do is judge yourself, and others by material possessions.
4

Guga II,

Rockall 29/04/2008 11:16:40
The words thick, short and planks comes to mind.
5

John Blackley,

Florida 29/04/2008 15:42:11
To some extent, kids will take on the values and habits of their parents. As this survey is asking questions of 16-to-34 year-olds, we could reasonably look at the parents of the 16 and 17 year-olds and ask what values and habits they're instilling in their young.

 

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