Young people first have to learn how to handle their money responsibly. It is therefore important that they know their rights and obligations as consumers. Otherwise, there is a risk of uncontrolled buying behaviour and indebtedness even at a young age.
The allure of consumption
The assets of young people are usually not yet large. Perhaps they receive a salary from a holiday job, pocket money or cash gifts. But the temptations of advertising and consumer society are great. Young people want to participate in society and be noticed. They often have the feeling that they do not belong if they do not own certain branded articles.
Consumption needs role models and perspectives
The issue of debt among young people should not be underestimated. Borrowing money from family or friends is part of the financial organisation of everyday life for some of them.
Like a Analysis of the Swiss Household Panel of January 2012 on youth debt shows that the proportion of households with debts in the form of credit, leasing or loans is the same for young people as for adults. Despite lower outstanding amounts, the financial burden is about the same due to the lower income of young people.
Control purchasing behaviour and consumption
Young people go into debt to buy consumer goods before they have earned the necessary money. They copy the buying behaviour of the wealthy upper class and the lifestyle of celebrities.
At the top of the spending list are cell phones and smartphones, including applicable fees, brand-name clothes, cosmetics, consumer electronics, and going out.
Young people who have problems controlling their buying behaviour should seek professional support as early as possible. Information on this topic can be found, for example, at www.schulden.ch or on www.schuldenberatung.ch.
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