30 A recent survey found has found that 62 percent of young adults think retail brands don’t do enough to help them understand the risks around credit – and 66 percent feel brands aren’t transparent about the potential pitfalls of the credit options they offer. The survey of 1,500 young adults across the UK was carried out by media agency UM in partnership with suicide prevention charity Campaign Against Living Miserably (CALM) and MoneySuperMarket as part of the Money Talks 2025: The Youth Tax report. This is a follow up to the groundbreaking Money Talks research study in 2024, looking at the relationship between financial worries and mental health. MENTAL HEALTH ISSUES AROUND MONEY The report highlights just how urgent the mental health issues around money have become among young adults in the wake of the ongoing cost-of-living crisis. A quarter (27 percent) of young people are in debt – and one in ten of that number have experienced suicidal thoughts as a result. Half (52 percent) of young adults feel pressure from social platforms to buy things to fit in, and 43 percent feel pressure to spend more than they can afford to keep up with lifestyles or influencers. Research has revealed the extent to which brands need to be more responsible when it comes to advertising to young UK adults who are facing growing debt and mounting mental health struggles over money. It found that nearly two-thirds (64 percent) of UK young adults (aged 18 - 24 years) believe brands have an important part to play in educating young people around debt and credit scores. However, a similar number (62 percent) also believe retail brands – in particular – don’t do enough to help young people understand the risks around credit – and 66 percent don’t feel brands are transparent about the potential risks and pitfalls, or the benefits, of the credit options they offer. Half (50 percent) of young adults have been encouraged by brands to use credit options to pay for goods and services and 56 percent believe financial brands tend to encourage young people to take on loans or credit. SOCIAL MEDIA PLAYS A PART More than half (52 percent) of young adults are more worried about money now than they were a year ago. A quarter (27 percent) are currently in debt, while one in ten of those in debt have experienced suicidal thoughts and a third (33 percent) have self-harmed due to worries over money and debt over the past 12 months. In addition, it highlighted the role of social media when it comes to younger consumers’ relationship with money. Sites like TikTok and Instagram are their second most-popular place to learn about financial topics, behind talking with friends and family. More than half (52 percent) also say they feel pressure from social platforms to buy things to fit in or look a certain way, like clothes or cosmetics. Almost as many (43 percent) feel pressure to spend more than they can afford to keep up with lifestyles or influencers they see on social media and four in 10 said they have been targeted with adverts encouraging them to use credit options. Olivia Wilton, Insight Manager at UM London, comments: “With trust in institutions fading fast and a mental health crisis developing, it’s up to responsible brands to step up to educate younger consumers about money. Those that create platforms for education and give people somewhere safe to talk about their money worries can differentiate themselves within their category. By looking outside of the traditional sales funnel, they also stand to reap the rewards of more positive brand associations over the longer term.” www.moneysupermarket.com/moneytalks A recent survey by media agency UM, in partnership with suicide prevention charity CALM and MoneySupermarket, found that young adults want retail brands to be more transparent about the risks of credit options SAFE SPENDING
RkJQdWJsaXNoZXIy MTA0NTE=