“A breakdown of official statistics from the Insolvency Service by an accountancy firm has found that the majority of bankrupts under 24 are now female, whereas only a year ago men still led the field. The reason, at least according to Anthony Cork of Wilkins Kennedy - is that ‘the pressure’ on young women to follow the lavish lifestyle of female celebrities has grown immensely.”
In reality we are told that the likes of Paris Hilton, Coleen Rooney and Victoria Beckham are role models to be followed and this coupled with the growing availability of credit has meant that for the status-conscious, who want to display the accessories of success - designer clothes and jewellery seem deceptively attainable.
It's an interesting topic as I myself have a little girl who I hope will learn the value of money as I did but with the pressures of society, magazines and the media in general, is it really feasible to think that one day she will be looking up to female celebrities for their brain, success and personality rather than their wardrobe?
Unfortunately, I would say it's completely unrealistic to think that not even a little part of her will aspire to be as glamorous and ‘perfect’ as the WAG’s as we now refer to them. If I had my way education and success as a result of hard work would be her main motivators and dreams when she grows up but for that to happen, society & the media also need to take some responsibility for the icon’s that are paraded in front of young girls today.
I, as a parent obviously know my duty to teach right from wrong and instill values in my daughter to counteract these pressures as much as possible but as any parent knows – kids notice hypocrisy early on. I can’t remember how many times I’ve heard from my younger cousins, “Why can’t I? **** at nursery can.” The typical answer of “you aren’t them” only works up to a certain age. This is one of the main reasons that I think there has been a growing number of bankruptcies in females under 24 because it’s hard to dictate to a 20 year old what they can and can’t buy on their credit card.
Personally I think this problem has to be tackled in school’s now and the Government has to concentrate on making kids aware of money matters and it’s value but only time will tell whether this issue is tackled or whether my daughter and her friends will see it acceptable to use credit as a means of ‘looking good’.