TEEN-AGE CREDIT

Press, Volume CIII, Issue 30366, 15 February 1964, Page 13

TEEN-AGE CREDIT

Success In Sydney (Special Crspdt. N.Z.P.A.) SYDNEY, February 14. A large Sydney department store this week issued a report on teenage credit buying, showing that only one in 200 shirks his debts. The study, made over two years, involved thousands of young people aged between 18 and 21. They are credit customers at the Sydney store of Anthony Hordern and Sons, Ltd., which allows them to run up bills of £5O. The youngsters were “guinea pigs” to test the credit risk in the teen-age market, which is becoming bigger business every year. Today, there are about 500,000 more teen-agers in Australia than there were 10 years ago, and they now account for 14 per cent, of the population. “Justified Faith”

Anthony Hordern’s report on the way the young people are handling. other people’s money says, “The scheme has justified our faith in the integrity of modern youth.” It said: “A few scoffers prophesied that ‘wayward youth’ would rush the chance offered and that the heaviest demand would be' on expensive record players, guitars, tape ’ recorders, and other such luxury items. This did not happen. “Instead, 95 per cent, of the teenagers’ calls were for necessary clothing and accessories.” The report said, however, that the teen-agers were asking for credit on surfboards, for which there had been a tremendous demand.

The credit scheme works on a deposit of 5 per cent on an article, with up to two years to pay the balance. Teen-agers are not allowed to buy jewellery, food or firearms.