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Iceni Magazine | October 22, 2017

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Brits Spend Just 8% of their Earnings on Things They Enjoy

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The average Brit spends just eight per cent of their earnings on enjoying themselves, according to research.

A study of 2,000 adults revealed nearly two thirds spend more of their hard-earned cash on unwanted outgoings such as car repairs, loan repayments and rent than they do do on having fun.

With the average person taking home £1,376 on a monthly basis, many are spending well over half their salary on the necessities of life.

A spokesman for airport transfers provider, hoppa, which commissioned the research, said: “It’s shocking to see that so many of us Brits give ourselves such a small allowance to have fun, especially when you consider the hours and graft we put in.”

However, the research shows we’re happy to splash the cash on ‘fun’ items when holidaying abroad – and spend five times more on leisure activities when vacationing than we do during a typical month at home.

After five months of saving for their break it takes UK adults just six days to spend their allowance – often having to purchase extra currency to see them through the rest of their break.

And despite setting themselves a budget, the results show holidaymakers overspend by 30 per cent – typically on ‘bumped up’ tourist rates.

Much of the typical Brit’s holiday allowance is spent on expensive car rental, service charges and extortionate entrance fees.

While a quarter of respondents confessed to getting ‘ripped off’ before even leaving the country, with food at the airport being one of the most overpriced spends.

The spokesman for hoppa continued: “It’s interesting to see that we become so lenient with our spending when we’re abroad, considering how strict we are the rest of the time. Just goes to show that even with a budget break, it’s the little things that add up.

“Our annual report looks at the cheapest and most expensive holiday destinations around the world, and even ranks everyday spends like cocktails, beers and burgers!

“These findings inspired us to challenge a blogger to do Copenhagen on a budget, which was revealed as one of the most expensive destinations in our 2017 report.”

Three in 10 sun-seekers said forking out on souvenirs also leaves a dent in their wallet with more than a fifth admitting they feel taken advantage of when purchasing keepsakes.

Other spending gripes we have when abroad include mobile phone carrier charges, WIFI costs and charges for using your card abroad.

Taxi fares also leave us frustrated, with one in five adults revealing they spend as much money on days out as they do on taxi rides.

And men spend nearly half of their holiday budget on high-priced beers – compared to just one in five females.

Going all out on toys, gifts and duty free items also has an impact, with just under one in 10 having to pay for extra luggage when returning home.

Brits aged 35 to 44 save the most for holiday adventures but also overspend more than any other age group by nearly 40 per cent.

Nearly twice as many males to females said they use their bank cards to purchase items abroad – resulting in currency conversion fee charges from their banks back home.

By Astrid Hall

ENDS

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