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Bank charges: Young people 'suffering from downturn'

The financial crisis is impacting young people in particular, a specialist has said. editor Annie Shaw explained this demographic frequently pay large sums of money through "non-discretionary spending", such as on the cost of travelling or transport.

Furthermore, many other items that are considered discretionary are essential for certain young people, she added, pointing out smart clothes could be needed for working.

Nonetheless, the expert noted older members of the public typically "suffer more from inflation" because the things they buy do not tend to fall in price.

Ms Shaw recommended people avoid giving in to peer pressure when buying consumer goods, claiming workers with a low pay or the unemployed may not be able to afford "the latest phone".

They might want to aim to avoid making loan claims or dealing with credit card charges, with the specialist arguing it is a "good thing" to not get into debt.

She had previously asserted incurring payday loan charges or becoming reliant on credit is not a sustainable solution to money problems.

Jennifer Haines
Jennifer's speciality knowledge is credit card changes and balance transfers. ADNFCR-2776-ID-801403883-ADNFCR

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