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Over half of Gen Z s (age 18-24) would only borrow from a well-known high street lender
Just 20% would consider borrowing from an alternative lender, down from 62% in 2019
Brands that can balance human interaction with agile systems will stand out EQ Credit Services, part of EQ (Equiniti) has released its latest UK research report into the unsecured lending sector. This reveals some startling consumer attitude shifts including a new nervousness characterising the current credit market. Surprisingly, this appeared most acute amongst the youngest generation (age 18-24), with over half of this group responding that they would only be prepared to borrow from a well-known high street lender. In contrast, the so-called Generation X (age 45-54) seems less considered, with 24% indicating they would happily borrow from any lender, providing the rate was acceptable.
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