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New Paradigm

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A generation sick of debt? Seems that rather than being accustomed to being debt junkies the younger generation really don't like it at all. Seems like this is a generation that has been pushed too far and will now rebel against the debt system.

http://www.qck.com/8747.html?searchsite=news-now

Younger consumers strive for less debt

02/11/2005

Hmm. What kind of survey was this?

Encouragingly, around three quarters said they would drastically cut back on unnecessary expenditure once they had a job, only spending money on essential items until they had reduced their debt levels.

"Our research clearly shows that many students, already experienced in what they perceive to be unavoidable debt, represent a shift in attitude towards spending and debt," commented Mark Nancarrow, chief financial officer at Egg.

"Whilst still intending to use credit in the future it appears that the graduate of the Noughties intends to adopt a responsible attitude towards credit, rejecting the 'have it now' attitude associated with the Eighties and Nineties."

The survey also found a growing demand for more financial advice for younger consumers. Help with realistic budgeting and warnings over low account funds were suggested as ways to prevent avoidable debts.

What this generation regard as essential is different (£100 a month mobile phone bills anyone; latest greates ipod. I am sure everyone wants to or "would" in an ideal world - but it ain't so easy.

I don't ever recall any generation of students (or people) saying they were intending to adopt an irresponsible attitude towards credit/debt nor who said they did not intend cutting their non essential expenditure. As we know, new, unforseen expenses arrive which are "essential" and things are postponed (I'll sort it out after my promotion/marriage/flat purchase/bonus/MEW etc). I was sick of debt as a student in the early 90s and wanted rid - just that mine was in hindsight a fraction of these guys.

This is lovely warm stuff but ultimately meaningless.

Edited by Tempest

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Tempest,

Only time will tell if it a true reflection. I remember the small amount of debt I had after studying, it was enough. Trends do change.

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  • 337 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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