The youth of today: peer-to-peer lending

Peer-to-peer lending is a growing area of online funding for small business. Recent research highlights a more literal form of peer-to-peer help: young people are increasingly funding their leisure activities by a traditional route of borrowing from friends. However, they are not always paying them back.

A study by the Payments Council, the UK payment systems regulator, shows that more than 40 per cent of young people (18–25) borrow from friends and family to fund summer socialising and a third of the group expect to be short to the tune of more than £60 on average due to lending to friends who don’t repay them. This would mean that this age group owes each other £148m — the equivalent of Glastonbury festival selling out six times over (or the annual wage bill of Liverpool FC with a bit to spare)…

Click on the link below to read the rest of the Gateley briefing.

Sign in or Register to continue reading this article

Sign in

Register

It's quick, easy and free!

It takes just 5 minutes to register. Answer a few simple questions and once completed you’ll have instant access.

Register now

Why register to The Lawyer

 

Industry insight

In-depth, expert analysis into the stories behind the headlines from our leading team of journalists.

 

Market intelligence

Identify the major players and business opportunities within a particular region through our series of free, special reports.

 

Email newsletters

Receive your pick of The Lawyer's daily and weekly email newsletters, tailored by practice area, region and job function.

More relevant to you

To continue providing the best analysis, insight and news across the legal market we are collecting some information about who you are, what you do and where you work to improve The Lawyer and make it more relevant to you.

Briefings from Gateley

View more briefings from Gateley

Analysis from The Lawyer

Overview

111 Edmund Street
Birmingham
B3 2HJ
UK
http://www.gateleyuk.com/news-and-events/social-media/

Turnover (£m): 71.70
No. of lawyers: 406