In addition, many people see housing equity as a solution to debt problems, while others see debt consolidation and insolvency as an "easy way" out of difficult financial issues.
Standard Life Bank's chief executive, Anne Gunther, said: "We are not only seeing people trying to 'keep up with the Joneses' but also aspiring to a lifestyle more akin to A-list celebrities.
"Credit is not only freely available but considered a way of financing lifestyles rather than reflecting need. Rising debt is also becoming a key issue for younger people from primarily reasonably affluent backgrounds."
Established in 1825, Standard Life offers a range of financial products to consumers in the UK, including pensions, mortgages, insurance and savings products.
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