Taking on credit card debt `doesn`t count as spending`

A survey conducted by the Social Market Foundation for Barclays indicates that a third of young adults in the UK believe buying something on a credit card `doesn`t count as spending money`, even though it means they`re taking on debt, the BBC reports.

The research also revealed that 34% of respondents (aged between 16 and 24) regularly ran out of money, and one in three of the 22-to-24-year-olds surveyed relied on the `bank of mum and dad` for money.

Meanwhile, three quarters said they had managed to save during the last year - but had saved for things like clothes or gadgets.

Nine out of 10 of those questioned said they relied on financial advice from their parents or friends.

The news comes as Barclays announced it had joined three youth charities to offer one million 16-to-24-year-olds money management skills.

The scheme will help `hard-to-reach` young adults (those not in work, education or training, for example) better understand things like budgeting, avoiding debt, spending and saving.



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