80% of young women spend a great deal more than they earn. They getting themselves thousands of pounds into debt, a survey says.
Young spendaholics are by passing savings, mortgages as well as pensions to buy fashion garments, accessories and have fun.
Apparently the celebrity culture has a lot to answer for as young women attempt to keep up with their favourite fashion icons.
80% of 21-25 year olds spend more than they earn every month, so says the survey in women's magazine More.
They spend over £15,000 every year on beauty products, entertainment and clothes . Yet they earn only £18,100 before tax . In order to support their spending habits, they put about £4,000 as credit card debt.
80% consider themselves 'spenders', with 10% claiming that they are 'savers'. 50% confessed they spend their salary before they receive their salary.
These survey results have come out at a time when consumer debt in Britain has reached a staggering £1trillion.
