Self-indulgency isn’t cheap
Having a social life and occasionally splurging a little cash on trinkets and excursions from time to time, is said to cost the average Brit a whopping £12,000 each year.
A recent study, conducted by a British banking institution has discovered that UK consumers spend almost 65% of their annual earnings on passages to enjoyment. Accordingly, the self-indulgence market (as It is commonly known) is said to be worth almost ½ trillion every year, and it is also one of the primary fuels for the personal loan industry.
However, Brits do tend to heavily favour certain ways to spoil themselves over others. The study discovered that annual trips and excisions were by far the most popular means for people to splash their cash, with approximately £4,000 being spent on average per person, each and every year. This was closely followed by nights out, and DIY.
It would appear that the average Brit has become less and less keen to save and/or invest their cash, preferring to focus the vast majority of their annual earnings on “Living”. Experts have suggested that these trends help to explain the substantial rise in consumer debt over recent years, and to also indicate exactly where indebted consumers are going wrong.
