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Baby Boomers Blamed for Generation Debt
The children of ‘baby boomers' are blaming their parents for the cultural shift towards consumerism and credit that has brought about a generation blighted by debt.Under 30's in the UK have grown up in a time of economic growth, easy credit and high consumer expectations. A cavalier sense of entitlement and carpe diem conscience has caused one in five teenagers to use credit cards purely because they enable them to buy things they could not normally afford.[i] Nearly half of these young people do not know the rate of interest they are charged on their main credit card or overdraft.[ii]
Stuart Parkin from Kensington Financial Management Consultants said: "The 'baby boomers' coming of age coincided with the birth of the credit card[iii] and the dawn of the ‘I want' era. Spending habits became a reflection of status. Money-in-the-bank lost its value as the ‘free' cash of credit cards became the currency of choice. It was great while it lasted but the party's over and now it's payback time.
"Unfortunately, it's not the baby boomers – but their offspring – who have been left with the biggest financial burdens. And they blame their parents for building a bubble that was bound to burst."
Over half of England's teenagers have been, or are in, debt by the time they are 17[iv], and 80% of young people are in debt by the time they reach 21.[v] Research has found that over half of 18-34 year-olds have debts excluding mortgages of up to £10,000, and a further 20 per cent have debts of over £10,000[vi].
Parkin said: "These statistics are staggering and, as a nation, we need to do our best to reverse the trend. Prevention is always better than cure but where this is not possible, the key message is not to delay getting help. Debt is depressing and daunting and it only ever gets worse until it's dealt with. Young people may have time on their side but this is only an advantage once they have made the decision to deal with their debt."
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For further editorial information please contact JAMpr Ltd:
Jaime Markey
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[i] Teaching Times
[ii] Yorkshire Post
[iii] Barclaycard was launched in 1966
[iv] ifs Learning
[v] Rainer Online
[vi] By the independent think tank Reform and the Chartered Insurance Institute
