Friends Provident Reveals Financial Frailties Of Young Females
With a hit television show set to make its debut on the big screen later this month, those women looking to imitate their fictional heroes may find themselves coming under monetary pressure, according to a recent piece of research.
In a study where art imitates life, a report by Friends Provident and The Next Big Thing - entitled Sex and the City Generation: Fashionistas not Cashonistas - reveals that a significant number of single women between the ages of 25 and 45 are pinning their hopes on a rich “knight on a white horse”. Here such a man would come along, swoop them up off their feet and solve their financial problems. These consumers were revealed to be following the same trend as TV’s Carrie Bradshaw - played by Sarah Jessica Parker - who in the hit drama and its forthcoming film looks for Mr Big (played by Chris Noth) to come to her rescue. Such consumers were indicated as accounting for about one million females and were stated as gambling both “figuratively and literally”.
These would-be Carrie Bradshaws were also revealed to be concentrating on living today, with over a third of singletons in this age group splashing out more than 50 pounds per month on clothes and accessories. The study also showed that while 27 per cent of these people own more than 30 different pairs of shoes, just 23 per cent are taking the time to save money into a pension scheme. Meanwhile, just under a quarter (24 per cent) of those questioned were indicated as splashing out over 200 pounds each on beauty treatments. In comparison, 41 per cent of respondents were shown to have put 200 pounds or less into a savings account over the course of a year.
However, following on from insufficient investments into pensions and savings vehicles during the present day it may be possible that consumers find themselves coming under pressure to meet various areas of financial constraint in later life. This could see them struggle with repayments on home loans, property repairs or paying for bills which are more costly than expected.
Christine O’Grady, senior retail media relations executive for Friends Provident, said: “The Sex and the City generation is playing a dangerous game, gambling with the future. Just 23 per cent of the single women asked have a pension and 20 per cent have life or health insurance, yet just over a quarter own more than 30 pairs of shoes. Women often have a more sporadic earning pattern than men and we urge them to take time to look at their finances and think about the future. Some may be lucky enough to find a knight in shining armour but for those who aren’t, becoming more of a Miranda than a Carrie could help make their dreams a reality.”
For those consumers struggling with their spending, selecting a debt consolidation loan could prove to be of assistance. By doing so borrowers may be able to merge numerous areas of financial constraint into a single low-cost monthly repayment. The financial assistance that this type of loan brings could help borrowers to generate enough disposable income in which to put money into savings and pensions plans.
Last year, research conducted by Equifax pointed out the high amount of debts across numerous sources in which adults can often find themselves. Analysing Channel 4 soap opera Hollyoaks, the firm pointed out that the average university graduate is 12,363 pounds in the red and that young people could find themselves in long-term financial difficulties should they run up debts across a number of credit card providers in a bid to pay off loans.
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