New findings: teenage boys would be the biggest users of pay day loans

brand New figures show, that 63 percent of payday advances among young adults between your many years of 18 and 29 are applied for by males – and in accordance with private economist in Danske Bank, Louise AggerstrГёm Hansen, which can be the start of a downward spiral that is financial. This is certainly among the reasons why economic self-confidence is associated with cornerstones when you look at the bank’s societal impact strategy.

At Danske Bank, Emil Toft Hansen from Copenhagen University is composing their company PhD thesis on financing habits of residents surviving in Denmark. Relating to this, he’s charted loan that is payday among around 20,000 Danske Bank clients. Their findings reveal that 40% of all of the pay day loans are applied for by young adults amongst the many years of 18 and 29, as well as in two away from three situations the borrower that is young a man.

Based on Louise AggerstrГёm, personal economist at Danske Bank, the truth that a lot of young adults are taking out fully high-interest pay day loans is an issue: