One in five Britons is spending beyond their means each year
One in five Britons is spending beyond their means each year just to keep up with the Joneses according to research from online credit monitoring service CreditExpert.co.uk.
The survey revealed the average person spends £5,874 more than they can afford each year and 26 per cent do so because they feel embarrassed about their financial situation and want to fit in with their peers.
The majority, 48 per cent of people spend more than they can afford on presents for family and friends. And they also feel under pressure to buy a large round of drinks when out socialising.
Chiltern’s Nathan Gladwell says: “People need to be very careful that their overspending doesn’t land them with debts they cannot afford to repay and embarrassment is not a good enough reason to spend beyond your means.
“It can be difficult to say no but people need to budget and stick to their budget, not bow to peer pressure.
“If you do find yourself with more debt than you can afford to repay, get help, from a company like Chiltern, sooner rather than later.”
CreditExpert managing director Jim Hodgkins says: “It’s staggering to see how much we’re overspending just to keep up with our peers.
“While it’s great to be generous at the bar or on a date, we should be spending because we want to and not because we feel pressured.”
If you’re worried about your debts and would like to know the best solution for you to clear them visit Chiltern.uk.com for free advice and further information. Our experience, expertise and systems mean we can change your life for the better in a matter of minutes.
