Adults aged 25-34 ‘more likely to borrow’ for everyday purchases

Adults in their mid 20s and 30s are more likely to rely on forms of borrowing such as loans and credit cards to buy day-day goods, a poll has suggested.

Carried out by PricewaterhouseCoopers, the study discovered that more than a quarter (27 per cent) of participants aged 25-34 have used such services to fund everyday purchases in the last six months.

This was higher than any other age group, with the over-55s least likely to go into debt to buy basic essentials.

PwC partner and head of consumer finance Richard Thompson commented: “The young are still prepared to borrow despite the tough market conditions – their behaviour has not yet caught up with the reality of the current economic situation.”

Around a third of the 25-34s questioned said they are uncertain about their ability to cover debt repayments.

Meanwhile, chair of the Prepaid International Forum Chris Reddish has claimed that prepaid credit cards are a “safe” way to educated youths about dealing with finances.

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