Home Business News Nine in 10 Brits admit to overspending because of their social life 

Nine in 10 Brits admit to overspending because of their social life 

by LLB Finance Reporter
14th Dec 23 8:46 am

From pub trips with friends to meals out with family, socialising can put a real strain on people’s budgets. In fact, according to a new survey by credit card brand Aqua, nine in 10 people overspend on their social life each month. But, how much is socialising costing Brits?

To find out, the survey delved into how often (and by how much) people tend to overspend, the reasons why people often feel the need to spend, and who exactly is putting the pressure on. Aqua’s experts have also provided some top tips for curbing social spending.

For those who do factor socialising into their financial planning, nine in ten (89%*) Brits say they exceed their budget each month, and in general, this is by an average of £61, or £732 per year.

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When it comes to different locations across the UK, those who live in Newcastle are most likely to exceed a social budget, with 95% of Geordies admitting they do so each month. Following behind is Glasgow (94%) and Cardiff (92%).

These cities aren’t necessarily overspending by the highest amount though. In fact, Londoners tend to exceed their budget by around £73 each month, the most of any other city. Manchester residents come in as the second biggest social spenders, averaging £66 over budget each month, followed by those who live in Belfast, who overspend by around £65 per month.

Two-thirds of Brits say they feel pressure to overspend in social situations, and over a quarter (27%) admit this is because of their friends

Two-thirds (67%) of Brits say they feel some sort of pressure to spend more than they planned when they’re in social situations.

When it comes to location, nearly three-quarters (74%) of Londoners are feeling the pressure, followed by 71% of those living in Liverpool, and 70% of Mancunians. In comparison, just 57% of those in Bristol say they feel any sort of pressure to overspend.

The survey also explored who is causing Brits to feel like they need to overspend in social settings and found that women feel most pressured to go over budget because of their friends (28%). On the other hand, men admit that it’s usually due to their partner (27%).

FOMO is one of the most common reasons for Brits to exceed a social budget, with one in five (21%) admitting this is why they overspend

Of those who set a specific social budget, the number one reason that Brits gave for overspending in social situations was because of wanting to make sure they are spending enough time with their loved ones, with 27% admitting this to be the case.

Following closely in second is because they don’t want to miss out, or because they get carried away and forget what their budget is. One in five Brits (21%) say these are two of the main reasons they exceed their monthly social budgets.

On how to overcome the pressure to overspend, Sharvan Selvam, Commercial Director at Aqua says, “When it comes to spending time with friends, family and partners it can be easy to be swayed into spending more money than planned.

“By learning to talk more openly about your budget, they’ll better understand your situation and will be less likely to pressure you into overspending for the sake of socialising.

“Remember, they are more interested in simply spending time with you, regardless of what the activity is, so let them know your concerns and you can work together to find a fun solution that works for both of you.

“Whatever you do, make sure you aren’t spending more than you can afford. Don’t be tempted to dip into any unauthorised overdrafts or savings you might have just to fund social plans. If you’re using a credit card, make sure you can afford to make the repayments or pay it off right away.”

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