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R3 have published an interesting piece of research entitled: "Generational attitudes indicate more young people heading for debt disaster than older peers." The research explores the experiences of people struggling with their debts. The research reveals that:
"a far higher proportion of younger respondents are more likely to leave their bills unopened and avoid their creditors than older respondents.
R3’s President Steven Law commented:
“Despite a global recession and near financial meltdown, younger generations are still operating on the basis that high levels of debt are normal and the consequences of this have created a clear generational split. It is extremely troubling that irresponsible attitudes towards debt are entrenched by the age of eighteen as this is likely to lead to a lifetime of financial problems.”
The report also finds:
“If nearly half of those struggling with debts believe incorrectly you need to pay for debt advice, we have little chance of resolving this problem,” added Steven Law. “Most insolvency practitioners, for instance, are prepared to provide their time free for a first meeting with a debtor. Similarly, the Citizens Advice Bureau will provide free advice.”
“In addition, financial advice needs to get away from promoting ‘debt as a way of life’ that some irresponsible lenders use and instead focus on making debt more proportionate to an individual's financial makeup and so avoid long term financial problems,” concluded Steven Law."
"BPIR is an excellent series, of interest to both corporate and personal insolvency lawyers,...