Adults in their mid 20s and 30s are more likely to rely on forms of borrowing such as
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