Brits fork out to appear as wealthy as peers

Posted 2008-04-9

Britons are prepared to spend beyond their means in order to appear well-off, according to a new study.

Research, conducted by CreditExpert.co.uk, has revealed that over a third (34 per cent) of people admit to spending beyond what they can afford when confronted with someone better dressed.

Younger people were more likely to do so, with 66 per cent of 18 to 24 year olds admitting to dishing out the cash to keep up with peers, compared to 36 per cent of those over 65.

Men were also more likely to spend beyond their means to impress, with 18 per cent admitting to getting into debt from their cars, while women were more inclined to get a good haircut.

Jim Hodgkins, managing director of CreditExpert.co.uk, said: "The desire to keep up with friends isn’t new and there is always a temptation to use credit to do so.

"But using credit to fund a lifestyle you cant really afford can lead to huge financial problems and if you dont keep tight control of your spending and how much youre borrowing, you can easily find you cant afford the payments and start to fall behind with them."

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