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Young people use ‘no stigma’ solution of insolvency as record numbers hit by crippling cost of living
The reality is that millions of workers have seen their pay either frozen since the start of the recession in 2008, or have received paltry pay rises which are far below inflation
December 30, 2011
Young people addicted to the ‘have now, pay later’ culture, or who cannot cope with the crippling cost of living, are being plunged into insolvency in record numbers, official figures revealed yesterday.
The shocking figures, from the Government’s Insolvency Service, said more young people are taking out a new type of insolvency than any other age group.
Since the Debt Relief Order was introduced in April 2009, one in four have been taken out by a young person between the age of 25 and 34. Mark Sands, director of personal insolvency at the accountants RSM Tenon, said: ‘They are spending money that they cannot afford to spend.
‘It is all about people borrowing too much money. It is the ‘have now, pay later’ culture.’
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