New findings have shown that a large number of Brits are not making enough money to keep up with their spending habits.
Insurance company Bright Grey conducted a survey on spending habits in the UK and found that people are spending beyond their means, and aren’t thinking about stopping either.
A third of the respondents admitted that their spending comes at a cost of saving, and also that their budgets were struggling to cope with their spending. Worryingly, eight percent said their spending was leading to debt.
Reasons for spending included 30 percent stating they “had to” 21 percent saying they could not say goodbye to their spending lifestyle, and 15 percent claiming they were simply “hopeless with money”
Roger Edwards, a director at Bright Grey, said: “Even in an age of austerity the public's spending shows no sign of waning, as the average UK adult continues to spend beyond their means and rack up debt. Worryingly, this is mainly due to the average salary being far short of that needed to lead a comfortable life and those who just can't help but spend either to fund their lifestyle or just to make ends meet.”