UK Money News
21st April 2008
Brits using loans to fund aspirational lifestyle
Millions of Britons are using loans to fund an aspirational lifestyle they cannot afford, it has been claimed.
According to a study conducted by moneysupermarket.com, 15 million Britons who identify themselves as middle class in fact have an income that puts them in the working class.
However, the desire to appear wealthier than they are is prompting them to spend out on luxury items such as private schools and home help and funding the cost of the outgoings among this group through loans of £35 billion.
Sue Hayward, a consultant to moneysupermarket.com on the project, said: "This research will really drive home to people that if they want to get their hands on the luxuries the true middle class are enjoying then they need to save money where they can, and look at better ways of managing their money and not relying on credit cards to get them through".
The survey found that among the 15 million households where the income shortfalls were detected, around 6 million brought in less than £15,000 per year.
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