London (online-unsecured-loans) December 15, 2006: The more young the people, the more they get influenced by their friends into excessive spending.   

According to a survey by National Savings and Investments (NS&I), nearly 44 per cent of those falling in the age group of 16 to 24 say that their peer group exerts pressure on them to keep spending even when they have run out of money. Statistics show that this scenario improves with the age. Nearly one-fourth from 25-34 group feel under some compulsion from their social circle to spend money as compared to mere 4 per cent of those above 65 in age.

Almost one-in-seven of those surveyed across all age groups say that they feel under pressure from friends to keep spending when they have no money.

Dax Harkins, senior savings strategist at NS&I said: "Friends influence all of us in what we like to do, but it is a grave concern if young people are being persuaded by their peers to spend money they simply don't have. If they build up debt from overspending when they are young, they will have nothing left to put away in savings for their future.”

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