UK adults spend an average of £1,093.90 each month on treats and non-essential items, despite having £371.30 in disposable income.
The data, published in The UK Spending Report and conducted by Creditfix.co.uk, found that British adults are struggling to save for the future due to overspending on “guilty pleasures”, including holidays, owning a car and making home improvements.
The data suggested that UK adults have adopted a habit of overspending, revealing that adults spend £722.60 more than the average person’s disposable income allowance per month.
Creditfix.co.uk highlighted that the most expensive temptation has been identified as holiday travel, with Britons typically spending £168.86 on this each month. In second place was owning and running a car, which set adults back £143.65 per month, followed by home improvements at a monthly cost of £84.66.
When asked why they spend, almost a third (29 per cent) said they enjoy buying gifts for friends and family, while one in ten admitted to treating themselves to remain stylish. Just over 15 per cent of respondents claimed they could be reckless with money at times, but one in five believe it is important to treat yourself to nice things.
Commenting, Creditfix.co.uk head of marketing Taylor Flynn said: “A worrying number of Brits are massively overspending on non-essential items, looking for that immediate gratification rather than saving for the future. Whilst it’s definitely healthy to treat yourself to nice things once in a while, spending on treats and luxuries does need to be moderated to avoid nasty financial surprises at the end of the month.
“The fact that the average British adult is spending £722.60 more than their disposable income budget each month is a big cause for concern and suggests more needs to be done to curb overspending and educate the public on the dangers or overindulgence.”
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