Young workers `facing bankruptcy through overspending`
02/05/2008
The perils of overspending are not getting through to young workers and bankruptcy cases are rising as a result, an industry expert has claimed.
Recent research by mobile banking network Monilink found that a quarter of those aged between 16 and 34 are "competing" with friends for gadgets and not bothering about saving money.
As a result, many younger people are forcing themselves in to severe debt problems, with a disproportionate amount having to file for bankruptcy or enter an Individual Voluntary Arrangement to sort themselves out, personal finance writer Cliff D`Arcy said.
Mr D`Arcy added: "Two-thirds of these young people have admitted that they are still trying to clear credit card debts that they built up two years ago."
According to the Monilink research, 21 per cent of those surveyed across the UK would prefer to spend their on "personal treats" as opposed to saving it for a rainy day.
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