Study: young men are the worst debtors

14th November 2003, Comments 0 comments

14 November 2003, AMSTERDAM — Young people, and men in particular, are the worst defaulters in the Netherlands, responsible for 55 percent of all debt claims filed in the country each year, an international debt collection agency has claimed.

14 November 2003

AMSTERDAM — Young people, and men in particular, are the worst defaulters in the Netherlands, responsible for 55 percent of all debt claims filed in the country each year, an international debt collection agency has claimed.

Intrum Justitia cites spending patterns and high unemployment as the main reasons why so many Dutch people, aged 15 to 35, run into financial difficulties. Intrum Justitia is the biggest player in the credit management sector in the Netherlands.

A study of 2 million default claims from 2001 to 2003 found 55 percent of all claims relate to consumers aged 15 to 35, Intrum Justitia said.

The credit management agency said it was particularly worrying that 28 percent of claims involved people aged 25 and younger. And even the amount of bad debtors younger than 15 was growing.

But even age and retirement does not bring financial security. The study found that the number of bad debtors aged 65-plus is growing due to that group's declining spending power, the agency said.

The company also said it was noteworthy that men, young and mature, are worse bad debtors than women. However the "payment ethos" among females is declining and the number of unsettled debts among women is also on the increase. This trend is particularly noticeable among older women, the study revealed.

"The fact that young people, aged between 15 and 35, are the worst payers causes us concern. From earlier studies it appears the payment ethos is weakening," company director Marcel van Es said.

"Intrum Justitia is going to increasingly focus on educating young people about the problems caused by not meeting their payment obligations."

Intrum Justitia launched a campaign entitled "Afspraak is Afsraak" (a deal is a deal) on 7 April this year to highlight and tackle the decline of the "payment ethos" in the Netherlands.

[Copyright Expatica News 2003]

Subject: Dutch news

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