I think you're quite right to highlight the risk of a generational shift and a cultural shift, particularly around some of these app-based systems. Young people, of course, are the early adopters of many of these new apps and new services, and many of them are tied to credit cards, but many of them are not even tied to credit cards. Frankly, I'm alarmed at the growth of the “buy now pay later” types of schemes that have become very popular. Again, here's where financial literacy can play a role. They're often advertised as having no interest charged on them in the same way that there's no interest charged on a credit card if you pay the full balance every month, but that doesn't tell the whole story. It also doesn't protect consumers who think that this is a great way to buy all kinds of stuff without any kind of oversight regarding their ability to repay that.
Therefore, we are seeing people—more among young people, who have fewer financial resources and perhaps less access to other forms of credit—overusing these types of facilities that don't exercise the same sort of due diligence over the borrower's ability to repay, capacity and stress tests that are applied to conventional forms of lending.
I think that this is a gaping hole in our financial regulations, and I think it's going to end badly. However, I think it's symptomatic of a broader concern that you quite rightly highlighted.