Debt Problems Hit the iPod Generation
Debt problems hit the iPod generation
The ‘iPod generation’ (insecure, pressurised, overdrawn and debt-ridden) is being crippled by personal debt according to a report from the Times.
Financial adviser Mark Dampier of Hargreaves Lansdown believes that the so-called iPod generation, which pretty much comprises anyone under the age of 35, is being hit very hard by the continuing economic downturn.
It’s been suggested that the iPod demographic is more reliant on personal borrowing than other sectors of society.
“Young adults are in a difficult position. They have been lulled into a false sense of security by banks and have been encouraged to borrow so much for so long.” Said financial expert Mr Dampier.
Mr Dampier also explained that it was “inevitable” that the iPod generation will suffer as a result of the economic downturn as access to personal credit dried up.
The Times also discusses how younger (the iPod generation) workers are also likely to be the hardest hit by rising unemployment, as companies tend to operate a “last in, first out” policy when making staff members redundant.
Charles Davis, economist at the Centre for Economic and Business Research, said recently that in order to return to a more stable position, the
The credit crunch has reduced access to personal credit for people from all walks of life. Debt management organisations are reporting increased enquiries with debt related matters.
More info:
http://www.cccs.co.uk
http://www.thinkmoney.com/debt/
http://www.freemanjones.co.uk
