Over 1-in-3 Brits don’t plan to cut back on eating and drinking out, new figures have shown.
Almost 1-in-4 Brits don’t plan to cut back on health and well-being/spa weekends.
HyperJar’s study highlights that despite the rising cost of living, consumers aren’t willing to give up spending on non-essential items as we approach the warmer months.
This is emphasised in a recent survey from Barclays, which found that Brits are cutting back on groceries in order to afford streaming services such as Netflix, Amazon Prime, Sky and Disney+.
This comes after alarming research from the Bank of England (BoE) revealed that Brits borrowed an additional £1.5bn in consumer credit in November 2022, jumping from £748million in October, with a separate study showing that 1-in-4 (25%) consumers – the equivalent of 13 million Brits – are currently relying on credit to fund everyday costs.
Mat Megens, personal finance expert and Founder of HyperJar, explains the importance of sharing the costs this Summer: “People generally don’t like the idea of budgeting. So, we’re trying to make this process less painful and more a part of day-to-day life, whilst including other people into it.
“Whether it’s family members or friends, we believe making money a topic of conversation that isn’t taboo makes it easier to manage. By sharing your struggles or worries, you realise, you’re not alone in feeling like this.
“We think budgeting and saving is like any other act of personal improvement – be it your health and wellbeing or your work – if you have other people who are in a similar situation to support you, you don’t feel alone with it. By using HyperJar together with friends or loved ones, you get the opportunity to be part of a group of people where you feel comfortable talking about what it is you’re working towards and pick up tips you might not have learnt anywhere else.
“You talk about the little things that you may have changed to form your good habits, or the people within your group might change your mind about how you want to reach that goal. Using HyperJar to save and budget with others allows you to have this comfort, and a place to learn from one another and achieve something together at the same time.”
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