An independent financial journalist has recently revealed that a large proportion of Britain’s youth are running the risk of becoming insolvent or requiring IVA assistance due to a wanton need to look good and fit in with their peers.

Accordingly, more than 25% of people aged between 18 and 26 have been found to frivolously spend their month end wages on the latest designer fashions, grooming products, gadgets and gizmos, whilst putting little to nothing aside in case of a financial emergency.

On average, individuals classed within this demographic are likely to fritter a staggering £4500 per year on these societal related needs, which is in turn believed to be pushing a good proportion of said individuals into a negative financial situation, thus running the risk of high end personal debt.

The claim is further supported through the results of separate survey conducted against the backdrop of the same demographic. It was found that approximately 60% of respondents admitted to having credit card and loan debts, which were amassed as a direct result of purchasing similar, non-essential items. In addition, 20% of the respondents claimed that they would much rather spend their cash on non-essential products and services, than allocate it to a savings account or investment bond.