Youth suffer from bank-breaking image envy

Many of the nation's teenagers and young workers are fighting social as well as financial pressures with one quarter (24%) of 16-21 year olds claiming they're under strain to splash the cash just to keep up with their mates, just in time to impress at this year's V Festival on 16th and 17th August.

Research from Alliance & Leicester Current Accounts reveals nine out of ten (89%) of them feel image is a crucial factor in how others judge them.

The pressures to conform can be costly - one third (34%) of youngsters feel judged on the style of their accessories, such as designer inspired sunglasses or handbags.

But these celebrity-influenced stresses can be cruel as well as costly, with almost half (47%) of youngsters saying they feel judged on their weight or clothes size.

Andy Muddimer, Current Account Manager at Alliance & Leicester explained: "Peer-pressure has always been rife among young people, as youngsters understandably feel the need to fit in or to belong, and this will be quite apparent at the V Festival on 16th and 17th August. While spending on clothes and accessories to keep up with your mates is important to this age-group, we would urge them to get savvy with their cash, and that will make it easier for them to keep up with the new trends and lifestyle accessories."

The top five characteristics today's youth feel most judged on are:

1. Personality (72%)
2. Clothes / image (70%)
3. Friends / people I mix with (65%)
4. My weight, clothes size (47%)
5. Level of intelligence (45%)

Northerners are most likely to feel under pressure to spend more as a result of peer pressure, with over a third (34%) admitting they often spend more than they can afford, compared to the national average of 24%.

Nearly half (47%) of youngsters living in the Midlands say their image is ‘very important' to them, compared to 38% in London.

Those living in the Midlands are also the most likely to feel judged on their clothes and image, with 73% feeling the pressure, compared to just 55% of those living in Scotland.

Accessories are crucial for youngsters living in London with 39% saying they felt judged by sunglasses or handbags compared to just 27% of those living in Wales.

Andy Muddimer continues: "Young people feel peer-pressure to go with the crowd, but if they do that with their current account, they could be missing out on a deal that pays a high interest rate to help their money stretch as far as possible. The Premier 21 current account is designed specifically for this purpose and, with its high 10% AER credit interest rate, it helps to give these youngsters the best financial start to their working lives."

To find out more information about Alliance & Leicester award winning Premier range of current accounts and the latest offers visit alliance-leicester.co.uk/currentaccounts