A psychologist is claiming crippling property prices are to blame for the rising tide of binge drinking among 20 to 35 year olds.Cary Cooper, professor of organisational psychology and health at Lancaster University Management School, spent an evening talking to drinkers on the streets of Manchester as part of a BBC documentary. He discovered many of them lived in rented accommodation or with their parents. He says: “The reasons for binge drinking vary for different age groups, but one difficulty for 25 to 35 year olds is that they can’t afford to get on the property ladder. “Whereas a decade ago this age group would probably have already bought a home, now university debts and astronomical housing prices mean they either can’t afford to or are reluctant to get into more debt. And because they don’t have furniture to buy or mortgages to pay back, they’ve got more disposable income to indulge in binge drinking.” He adds: “Many are also remaining in their parental homes for longer, which means they tend to socialise with their peers outside the home and spend their wages on alcohol rather than mortgage repayments.” A survey from the Investment Management Association last week revealed 18 to 29 year olds spend 57 per month on alcohol (about 23 pints of lager) despite 87% saying they can’t afford to put money aside for savings. The link between binge drinking and house prices doesn’t surprise many in the mortgage industry. James Taylor, mortgage product manager at West Bromwich, says: “Affordability is a big factor but changes in lifestyle have also made a difference. There is less of a savings culture now, so people can afford a fashionable lifestyle.”
The small minority of brokers who moan about the concept of Treating Customers Fairly annoy me. The Arthur Daleys do not belong in our industry. But without going so far as to say there are still many Daleys around I wonder if most brokers are treating clients fairly, based on the decrease in ASU sales. […]
From Nigel Pamment Along with many other IFAs and brokers, I attended the Mortgage Business Expo in Manchester on May 19 this year. The main reason I went along was to go to as many CPD-accredited seminars as possible, both to get the certificates and to keep up to speed with the industry. Fine so […]
Things are looking up for the future of protection specialists selling pension term assurance.
A lucky adviser has come out on top as the winner of Platforms Classic Car Chaos competition, successfully navigating their way through the online hazardous highway game.Stuart Burrows, a financial adviser at Heavenly Finances based in Manchester, cleverly planned his route around runaway sheep, dangerous drivers and flying birds to rack up a top score […]
Health Shield, a corporate health cash plan provider, has announced that it has increased gross annual premium income to more than £25m in another year of strong organic growth.
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