The prevalence of unsecured consumer credit is conducive to the normalization of credit and debt in consumer culture (Peñaloza & Barnhart, 2011). Credit facilities not only enable consumers to achieve intertemporal borrowing possibilities, but also empower individuals to become active members in contemporary consumer culture (Bernthal, Crockett, & Rose, 2005). However, viewing credit and debt as “normal” has often put consumers in precarious financial positions that ultimately lead to longterm struggle of debt repayment and financial deprivation (Fischer, 2013). As Peñaloza and Barnhart (2011) observe, “as phenomena normalize, they merit less conscious attention in being taken for granted” (p.760), which could lead to a fallacious sense of optimism amongst those who may be financially vulnerable. Consequently, the normalization of credit and debt presents a moral challenge in the credit market in that it disrupts consumer capacity to engage in optimal financial socialization. The normalization of debt practice is especially relevant to those who are in the process of learning to use financial tools and to adapt to their accepted practices. Thus, this research pays specific attention to young consumers aged 18-24, as the majority of the population tend to encounter their first stage of financial socialization within this age group. For example, 18 years is the minimum eligibility age for opening a bank account, applying for credit card and using other financial products without parental supervision. Despite being digital natives who benefit from valuable access to offline and online financial decision-making guidance, young consumers are also statistically more likely to experience financial vulnerability than any other age groups. For instance, the UK’s Financial Conduct Authority (2017) finds that 52% of 18 to 24 year-olds reported low confidence in their ability to manage money and knowledge of financial matters – the worst amongst all adult financial consumers. One in ten people in this age group are also reporting financial difficulties in meeting their day-to-day living expenses and servicing their debts (Financial Conduct Authority, 2017). The young consumer cohort also represents a lucrative target for the credit industry. For example, previous studies find that the young consumers have greater lifetime earning potential than other age groups and greater likelihood to develop long-term brand loyalty towards their first credit card (Braunsberger, Lucas, & Roach, 2004; Szmigin & O’Loughlin, 2010; Warwick & Mansfield, 2000). However, credit card marketing efforts to this market segment has harboured concerns over the youths’ long-term financial welfare due to their predatory practices on these inexperienced consumers. A major criticism of the credit card targeting towards youths is on the promotion of positive, aspirational images of credit card use, which obscures the negative consequences of debt. Moreover, credit card marketing often fails to display transparent credit pricing structures. For example, consumers often do not realize that spending on a 0% balance transfer deal when the promotional period subsides will incur higher interest than non-promotional interest rate (Money Advice Trust, 2009). Despite a growing interest on youth financial literacy (e.g., Richins 2011), the literature remain disconnected and fragmented when it comes to the learning process that individuals go through in order to become financially capable consumers. Such knowledge is valuable for policy developers who seek to enhance young consumers’ financial learning. Following extant research, we define financial socialization as an experiential process influenced by influential agents who interact with, teach and guide individual’s attitude formation and behavior around money (Pinto, 2005; Shim, Barber, Card, Xiao, & Serido, 2010; Ward, 1974). The present research thus aims to examine the impact of debt normalization on the consumers’ financial learning and socialization. In doing so, this study offers important implications in providing insights into how marketing practice can improve their communication strategies and how public policy can strengthen intervention to improve consumer financial decisions.

• Sandra Awanis(Lancaster University Management School, UK)