New findings: teenage boys would be the biggest users of payday advances

New findings: teenage boys would be the biggest users of payday advances

brand brand New figures show, that 63 percent of payday advances among teenagers amongst the many years of 18 and 29 are applied for by guys – and relating to personal economist in Danske Bank, Louise AggerstrГёm Hansen, that may be the start of a downward spiral that is financial. This is certainly one of many reasons why economic self-confidence is regarding the cornerstones into the bank’s societal impact strategy.

At Danske Bank, Emil Toft Hansen from Copenhagen University happens to be composing their company PhD thesis on financing habits of residents surviving in Denmark. Relating to this, he has got charted loan that is payday among around 20,000 Danske Bank clients. Their findings reveal that 40% of all of the pay day loans are applied for by teenagers between your many years of 18 and 29, as well as in two away from three situations the borrower that is young a guy.

Relating to Louise AggerstrГёm, personal economist at Danske Bank, the truth that numerous young adults are taking right out high-interest payday advances is an issue:

“Taking out an online payday loan – plus in particular taking out fully a few payday advances – can be the start of a downward spiral that is financial. Also for you to end up paying back a great deal more because the interest rate is high if it’s only a matter of modest loans taken out to finance gaming, a new mobile phone, a night out or similar, it’s easy. So a loan that is small to generally meet a severe need here and today can for most become hard to repay. Continue reading New findings: teenage boys would be the biggest users of payday advances