Following on from our previous article last week regarding Britons borrowing to fund hen and stag do’s more research is again putting the blame on individuals spending too much in an attempt to shy away from the social anxiety of looking financially poor.
The Money Advice Service released figures yesterday stating that 50% of adults blame their poor finances on not being stringent enough when faced with social situations. The results showed that the average ‘social debt’ with adults now stands at over a thousand pounds with most saying they spend more than they plan to in social situations. When asked why they spend more the biggest response was because they did not want to look ‘tight’ or ‘stingy’ in front of peers, spending more per round than they would get in return.
Supporting our previous blog, just under 20% said they were jetting off on holiday without really being able to afford to do so, with the dark side of consumerism raising its ugly head once again in the news, both McAlister & Co and the Money Advice Service urge individuals to think about what they are spending, keeping up with the Joneses can bring about a lot of long-term issues. One of the biggest questions with these social pressures and something that the report failed to delve in too was whether or not through these pressures respondents were likely to engage with short-term loans or put the expenses on credit cards, potentially exposing them to even greater issues than just being a bit worse off till the end of the month.