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)…
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