Help Sitemap Home Skip Navigation Contact Us Disability Statement

 
 
Saturday, 19th July 2008 Change Date

Premium Article !

Your account has been frozen. For your available options click the below button.

Options

Premium Article !

To read this article in full you must have registered and have a Premium Content Subscription with the The Scotsman site.

Subscribe

Registered Article !

To read this article in full you must be registered with the site.

Sign In
Register

'Bling' culture forces young people into debt



Click on thumbnail to view image
Click on thumbnail to view image
Click on thumbnail to view image
Click on thumbnail to view image
Click on thumbnail to view image

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

Dave from Barra ©,

Western Isles 29/04/2008 08:21:16
It wouldn't be so bad if they spent the money on something that held it's value such as anything made out of precious metals and stones. At least it can be re-sold.

As it is, they spend it on items that depreciate faster than thier enthusiasm for the latest gadget (i.e. after the purchase, shown off, used for a while, it gets boring, right?).
4

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.
5

Guga II,

Rockall 29/04/2008 11:16:40
The words thick, short and planks comes to mind.
6

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.

 

Comment on this Story

 

In order to post comments you must Register or Sign In

 
 
RSS Feed of this article's comments
Delivery formats: RSS, Atom, Javascript & Email
 
  

 
 

More Consumer spending

More Consumer spending >>

Today's Vote

Should Fort Kinnaird open its shops 24-hours a day over the Christmas period?
Yes, people are up at all hours these days
Yes, people are up at all hours these days
As long as nobody is forced to work those daft hours
As long as nobody is forced to work those daft hours
No, what on earth do people think they’re doing shopping in the middle of the night?
No, what on earth do people think they’re doing shopping in the middle of the night?

Featured Advertising



Sister Newspapers:
Press Complaints Commission

This website and its associated newspaper adheres to the Press Complaints Commission’s Code of Practice. If you have a complaint about editorial content which relates to inaccuracy or intrusion, then contact the Editor by clicking here.

If you remain dissatisfied with the response provided then you can contact the PCC by clicking here.