The fact that money is tight is no surprise. The average Brit is well aware of the financial difficulties which they are facing at present, with prices continuing to increase as wages stagnate and savings dwindle.
Yet, despite our knowledge of the situation there are still some aspects concerning money which we’re unaware of – something a new infographic from The Co-operative Bank has sought to rectify.
Hungover with debt and alcohol
Debt hangovers are something we routinely hear about – and for good reason. According to the data collected, most of us don’t expect our Christmas debts to be shifted until March while some of us doubt they’ll ever clear at all. A privileged few succeed in clearing their debts by January’s pay day (just one in ten) but by 7 January the debt hangover will be back as the average consumer runs out of money just one week into a new year.
Yet, it seems that debt hangovers are not the only thing us Brits seem to have. When asked what they’d rather give up to save money, takeaways or alcohol, a surprising number ditched the takeaways in order to protect their booze. In fact, 36% are more likely to give up takeaways compared to just 18% who’d abandon the demon drink. Depending on the amount drunk, this means some Brits could be battling with sore heads and aching wallets as the month’s progress.
New Year disillusion
It isn’t just our trends towards saving and spending that came under scrutiny in the infographic though; even our intentions with money were looked it. Almost half (45%) of us make a New Year’s resolution to be better with money but with the pot running dry as early as7 January it is easy to see how these resolutions can turn to disillusion.
Approximately 70% of us have struggled through this January and our difficulties don’t end here. February and the summer months of June and July are also highlighted as prime months for overspending with 45% of us admitting September is then a struggle as we attempt to overcome summer indulgent spending.
Whether it’s the 38% of us who spend more for holidays or 28% who find the increased socialising opportunities taxing on their wallets, the truth about British finances is that they’re fickle at the best of times and that means seeking help and budgeting carefully is more of a priority than ever before.