Summary
The downturn's made everyone worry more about money. But while we may want to be thriftier, Chris Bowlby discovers why we're stuck with high levels of personal and household debt. Credit has become a way of life and new technology makes it ever more accessible. We know we ought to save more for, say, old age, but pensions seem distant and a dodgy investment, while the government and others are desperate to encourage revived consumer spending . Borrowing to buy houses seems to many the best financial bet. Is there an alternative approach out there?
A wide range of voices from different communities explore the mixture of hard financial fact, psychology and morality that's shaped our financial behaviour in such a turbulent few years.
Producer: Chris Bowlby Editor: Hugh Levinson.
Transcript
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| 0:00.0 | Just before this BBC podcast gets underway, here's something you may not know. |
| 0:04.7 | My name's Linda Davies and I Commission Podcasts for BBC Sounds. |
| 0:08.5 | As you'd expect, at the BBC we make podcasts of the very highest quality featuring the most knowledgeable experts and genuinely engaging voices. |
| 0:18.0 | What you may not know is that the BBC makes podcasts about all kinds of things like pop stars, |
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| 0:35.4 | Sounds. |
| 0:36.4 | Thank you for downloading this program from the BBC. |
| 0:39.8 | This is Analysis. |
| 0:41.6 | The downturn has been, for many, a financial shock, but how far has it permanently |
| 0:46.7 | changed our spending and borrowing? Chris Bulby presents thrifty debtors. |
| 0:52.1 | Go on, you know you want to, |
| 0:55.0 | but can you really afford it? |
| 0:57.0 | I'd kind of budget down, so for example if I went to see any events I think, |
| 1:01.0 | right, okay, is it free or is it a lot cheaper? Do I really need that? |
| 1:06.6 | Regieve Prabakars an academic specialist in consumer finance, but like most of us, he's also |
| 1:11.9 | someone who's been thinking through his personal spending in these recent downturn years. |
| 1:17.0 | I do tend to budget a more, but much more to do with my daily life, as opposed to, well, thinking ahead for a pension. Short term, long term, |
| 1:26.2 | should be saving for old age but don't we all need some fun today? |
| 1:30.5 | Coffee shops are done well apparently because it's a little tweak people have. |
| 1:35.2 | It's their half an hour where they can sit down with their coffee and it's quite a low maintenance, |
| 1:40.7 | it's quite a low cost thing. |
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