0 £0.00
This item was added to your basket

Dear visitor,
You are viewing 1 of your 2 free articles

We’ve made wider, important changes to our print and online content to enhance the value of exclusive, insightful, discerning content we create every day. Support valuable editorial content by becoming a member of our Credit Club - register for free or choose a paid plan.

Register now or Login

Social pressures to overspend

Parents are spending more money on their children than they can afford as a result of social pressure, according to a new report.

Amber-Ainsley   Pritchard

Share on LinkedInShare on Twitter
Amber-Ainsley   Pritchard
Share on LinkedInShare on Twitter


Credit management firm Intrum surveyed 24,400 consumers from across Europe, including 1,044 in the UK, for its annual consumer payment report which was published this week (December 4).


The report found almost a third of UK parents (31 percent) have experienced social pressure to buy something for their children that they feel they couldn’t afford during the past year. Most of them (96 percent) have acted on that pressure and bought something as a result.


Mikael Ericson, chief executive and president of Intrum, said: “Our analysis demonstrates how social pressure can result in unsound, long-term indebtedness. With the many options for credit that exist today, and the social pressure people report, we need to do more to create trust and teach every new generation how to spend responsibly.”


Young parents (aged 18 to 34) are especially vulnerable - more than half (53 percent) of this group reported feeling social pressure to overspend on their children.


The survey suggests much of this pressure is created online - almost a third of Brits agree that social media creates a pressure to consume more than they should.


The report also shows a dramatic increase in the number of people willing to buy on credit. More than a third (37 percent) of Brits now think it is acceptable to buy goods such as TVs or computers on credit, up from 27 percent in 2015.


Ericson added: “Credit is an important part of a functioning society, but we need to ensure it works well for all. Our analysis shows consumers are vulnerable to overspending and the social pressure to spend.”



Payment transfer rules announced to curb fraud

Payment transfer rules announced to curb fraud

CCS Awards shortlist revealed

CCS Awards shortlist revealed

Credit Strategy launches Credit Week 2019

Credit Strategy launches Credit Week 2019

Credit Strategy
LinkedIn page

Did you find our website useful?

Thank you for your input

Thank you for your feedback

creditstrategy.co.uk – an online news and information service for the UK’s commercial and consumer credit industry. creditstrategy.co.uk is published by Shard Financial Media Limited, registered in England & Wales as 5481132, Axe & Bottle Court, 70 Newcomen St, London, SE1 1YT. All rights reserved. Credit Strategy is committed to diversity in the workplace.
@ Copyright Shard Media Group