Survey finds Brits’ bad money saving habits affecting Christmas budget

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25th November 2016 12:00 - Financial Services

Survey finds Brits’ bad money saving habits affecting Christmas budget: According to a recent personal finance survey, Britain’s bad saving habits have left many with a small Christmas budget.Survey finds Brits’ bad money saving habits affecting Christmas budget

As part of finance specialist, Solution Loans’ survey, 10,000 individuals in the United Kingdom were surveyed about their spending habits, and which impulsive spending behaviour they were guilty of.

Despite predictions that British people are going to spend a record £42 billion this Christmas, the survey findings have indicated that there are a few hurdles in the way of Christmas saving. The men in the survey were found to have trouble with monthly bills, whereas women were found to struggle with money management issues.

Of the respondents, approximately 43 per cent of all British people said that they cannot help but make unnecessary purchases, which makes this Britain’s top bad money saving habit.

The research also revealed that the respondents in London make fewer reckless shopping decisions than elsewhere in the United Kingdom, with under one in three Londoners admitting to spontaneous shopping habits, as opposed to 55 per cent of those in the East Midlands.

The researchers also explored how British people are making ends meet when their basic income will not stretch.

Of the respondents, 17 per cent said that they rely on their overdraft every month. Perhaps surprisingly, nearly 25 per cent of those aged between 45 and 54 said that they are constantly overdrawn, in comparison with just 16 per cent of British people aged between 25 and 34.

The survey respondents also revealed that more than 13 per cent depend on using credit cards to make every day purchases. Of the regions, the South East was found to be the most dependent on credit cards than anywhere else in the United Kingdom.

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