Young professionals feel pressured to spend

Three quarters of young professionals feel pressure to spend thousands of pounds that they cannot afford, reveals a report.

The Professionals Report, commissioned by Standard Life Bank, revealed that 75% of young professionals in the finance, legal, education, media and art and design sectors, felt that other people assumed they were earning more than they actually were.

Looking the part of a young professional meant many feel pressure to spend more than 2,000 each year on the right work and casual clothing.

This pressure extends to spending time and money socialising with work colleagues in order to make the right impression.

Those interviewed clocked up an average of 1,792 a year going out with people from work.

Men spent significantly more on work socialising, an average of 2,261, compared to 1,402 spent by women.

Nearly half of those interviewed said they could not afford to live the sort of lifestyle expected of someone in their profession, and almost everyone interviewed said they felt pressure to live independently.

In addition, more than a third said they felt they were expected to live in fashionable areas of town.

Despite being highly educated and trained, 91% of the young professionals questioned said it was difficult to get a foot on the housing ladder.

Ashley Ramsay, trends expert at Standard Life Bank, says: Weve developed the freestyle professional mortgage to include anticipated earnings in the future.

“Were committed to lending responsibly and believe that where young professionals will benefit from a substantial rise in income over a relatively short time they should not be turned away from the first step on to the property ladder.