Older people likely to cut back on spending before younger consumers
November 12, 2010 by Reno
Filed under News, News-Credit-Cards
It has been claimed that older people in the UK are more likely to curb their spending on things such as credit cards and current accounts than younger consumers. With many people struggling financially, and with rising living costs, increasing VAT levels, and rising unemployment levels likely to further affect spending power amongst consumers, cutting back has become a necessity for many people.
An official from Lovemoney.com claims that it is the older members of society that are likely to react to economic changes before younger ones, and older people are more likely to reduce their spending on credit cards and via their current accounts. Older people are also more likely to start putting money aside in savings than younger people.
Ed Bowsher, the official from Lovemoney.com, said that with interest rates still at a record low younger people are more likely to continue spending in the short to medium term and less likely to think about reining their spending in or trying to save any money. However, he said that older people would not have that ‘feel good’ factor.
Bowsher’s prediction comes after the publication of a recent report, which showed that since the start of the recession around 75 percent of consumers in Britain had altered their spending habits, with many having to make huge changes to their spending levels because of the financial strains that have come about from the recession and the global financial crisis.
However, many people have turned to credit cards and overdrafts in order to keep up with their financial commitment or continue with a particular lifestyle, and this has led to rising debt levels amongst households in the UK.
Tags: particular lifestyle, consumer, factor, United Kingdom, debt levels
Student debt rises again
August 15, 2007 by admin
Filed under News, News-Loans
Student debt levels are being ramped up still further, a worrying new survey claims today.
Run in conjunction with high street bank Lloyds TSB, the Push annual survey says that those who started at university last year can expect to owe nearly £17,500 by the time they leave.
Even more worrying is the report’s claim that this year’s freshers face a £20,000 bill for studying.
Furthermore, while the national average student debt lies at £13,000, the £20,000 barrier has already been breached at nine elite campuses.
Catherine McGrath at Lloyds TSB said: “Students face higher levels of debt than ever before and with the added pressures of escalating house prices and increased competition for graduate jobs, it’s essential that they find ways to keep their student debt to a minimum.”
Johnny Rich at Push added: “This increase is not just another rise. Some students are facing real financial hardship. Even so, the advantages of having a degree still vastly outweigh the costs.”
The Push survey was the largest ever conducted on the subject of student finance.
Face-to-face interviews were conducted by its pollsters with over 2,000 students at 130 faculties around the UK.
