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

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

Brand brand brand New figures show, that 63 per cent of payday advances among teenagers between your many years of 18 and 29 are applied for by guys – and in accordance with personal economist in Danske Bank, Louise AggerstrГёm Hansen, which can be the start of a downward monetary spiral. This is certainly among the reasons why economic self-confidence is of this 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 located in Denmark. Regarding the this, he has got charted pay day loan usage among around 20,000 Danske Bank clients. His findings show that 40% of all of the payday advances are applied for by young adults between your many years of 18 and 29, as well as in two away from three instances the borrower that is young a guy.

In accordance with Louise AggerstrГёm, personal economist at Danske Bank, the truth that a lot of teenagers are taking out fully high-interest payday advances is a challenge:

“Taking out a quick payday loan – plus in specific taking right out a few payday advances – can be the start of a downward economic spiral. 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. Continue reading “New findings: teenage boys will be the biggest users of payday advances”