Advertising is 'promoting financial irresponsibility'

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Advertising is 'promoting financial irresponsibility'

Individual voluntary arrangements (IVAs) and credit cards are being utilised as tools that are ultimately promoting an irresponsible approach to personal finance, according to asset management firm Hargreaves Lansdown.

Investment manager Ben Yearsley explained that certain advertising was purposefully misleading in that it did not fully document the long term implications of IVAs and credit card debt.

His comments come in the wake of research carried out by financial education charity pfeg that highlighted a growing debt culture that is currently engulfing teenagers in the UK.

When asked if he thought advertising was to blame for irresponsible borrowing, Mr Yearsley answered in the affirmative.

He added: "Think of the long term consequences of what happens to your credit rating, will you be able to get a mortgage? What are the long term consequences? I think that should be explained more."

The pfeg study revealed that nine out of ten teenagers have money worries and a total of one in 20 did not know that the debt they accrued on their credit card had to be paid back.

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