Access the full podcast series here
Summary: This article is an interview with Bob Winnington, CEO of the Money Advice Liaison Group, discussing the organization’s recent conference on the new demographics of debt. The conference aimed to explore how different generations approach debt and money management, with speakers addressing topics such as behavioral science and the challenges of the cost of living crisis. The article also touches on the need for greater financial education and support for younger generations to prevent debt problems.
Key Points:
- The Money Advice Liaison Group recently held a conference on the new demographics of debt
- Speakers at the conference discussed behavioral science and how different generations approach money management
- The younger generation shows less appetite for using credit cards due to concerns about running into debt
- Buy now pay later options are becoming popular and accessible, potentially leading to debt problems
- There is a need for more financial education and support, as current efforts are insufficient
Key Statistics:
- 36 years – The number of years the Money Advice Liaison Group has been in existence
- 1966 – The year credit cards were invented
Key Takeaways:
- Understanding the changing demographics of debt is important for addressing the challenges of different generations
- The younger generation is more resistant to using credit cards but still faces debt problems
- Behavioral science plays a critical role in examining how individuals approach money management
- The prevalence of buy now pay later options raises concerns about a potential debt problem
- Efforts to educate and support younger generations in managing their finances are currently insufficient
RO-AR insider newsletter
Receive notifications of new RO-AR content notifications: Also subscribe here - unsubscribe anytime