Brits Fail to Budget for ‘Fun Events’
Major celebrations are costing Brits £500 a year causing almost a third to worry about the effect on their purse strings, new research reveals.
The study by NS&I shows these major milestone events each year are causing many Brits to worry about their finances, as approximately £120 is spent per event, and on average Brits attend four a year.
A lack of saving for these events was also noted, with 73 percent of the population admitting they do not save to help fund this spending, while 22 percent actually have a specific ‘fun fund’.
Half the population also thinks these celebrations are costing more than they used to 50 years ago.
“Milestone events are special occasions where friends and families are able to come together in one place, at one time,” said Tim Mack, NS&I’s savings spokesman.
“With the amounts involved, it’s important to think about where the money will come from and even set a little aside to account for it in advance.”
These milestone events include family celebrations, wedding anniversaries, 21st birthdays, christenings and even baby showers.
While the majority of people attend around four of these events a year, 12 percent of the population will attend between six and ten. An extreme few will be attending a costly 20 events this year, of which job promotions and housewarming parties are included, adding up to an expensive £2,400 spend.
The bill includes gifts, travel, outfits, bar bills and accommodation, and one in ten intend on using their credit card to pay for these expenses, with just over two fifths using money from their current account.
A further 19 percent say they dip into their wider savings to fund the cost, and two percent will even borrow money from a friend or family member.