One in three young people (34%) say they’ve spent more on evenings out than they originally set out to this year as a result of consuming alcohol, according to research released today by insolvency trade body R3.
The research, which looks at alcohol-induced spending among 18-24 year olds over the last year, also finds that one in ten young people (13%) have woken up without remembering how much they’ve spent the night before and one in five (18%) admit to thinking ‘who cares about money – I’ll deal with it another day!’ The research suggests that buying luxury drinks and spontaneous meals may account for impulsive purchases.
The research finds that among18-24 year olds, in the last twelve months:
- 34% have, after a few drinks, ended up spending more money than they originally set out to spend;
- 24% have ended up buying food or going out to eat even though they didn’t originally intend to;
- 20% have bought more expensive drinks than they usually would do (e.g. cocktails or champagne);
- 18% admit to thinking ‘who cares about money – I’ll deal with it another day!’;
- 17% have drawn out more cash than they would have done if they had not had a drink;
- 13% have woken up without remembering how much they spent the night before;
- 5% say they have woken up to find receipts for things they didn’t remember buying.
R3’s research shows that young people are more likely than people in older age groups to have done most of these things, and incidence rates tend to be higher among people who already struggle with their debts.
John Hall, R3 Council Member for Scotland says: “In the run up to Christmas, ‘drink spending’ can have long-term consequences on your finances, however harmless it seems at the time.
“We know that getting into debt is one of the biggest fears young people have, and avoiding drink-fuelled spending can help people to stay in control of their money. If spending does start to get out of control, it’s important to seek professional advice as soon as possible.”
Tips to avoid drink-fuelled spending in the festive season:
1. Work out how many evenings out you have planned before Christmas and allocate how much you plan to spend on each.
2. If the numbers of evenings out you have planned means you’ll spend more than you’re earning, cut down and cancel.
3. Before you go out, draw out a set amount of cash that you can afford to spend and use that as your total budget for the evening.
4. Pay in cash rather than cards so you can keep track of your spending.
5. If you believe you’re getting into trouble with your debts, seek help as soon as you can.
Issued for R3 in Scotland by Symon Media
For further information please contact:
Ken Symon, Symon Media
m: 07866 970648 e : email@example.com
Notes to editors:
* R3 is the trade body for Insolvency Professionals, and is made up of 97% of the UK’s Insolvency Practitioners from all over the UK. R3 stands for ‘Rescue, Recovery, and Renewal’ and is also known as the Association of Business Recovery Professionals.
* R3 comments on a wide variety of personal and corporate insolvency issues. Please contact the press office, or see www.r3.org.uk for further information.
* R3 promotes best practice for professionals working with financially troubled businesses. Our members work in preventing insolvency and turnaround, as well as formal insolvency procedures. All R3 members are regulated by one of nine recognised professional bodies.
* GfK NOP interviewed 965 adults 18+ by telephone in the UK between the 27th -29th November 2009. Data has been weighted to bring it in line with national profiles. The figures above relate to people aged 18-24.
* According to press reports, The Youth Future Fears UK survey, which was commissioned by Community Service Volunteers, asked 1,220 young people between the ages of 16 and 25 what they were most anxious about for the future. Debt emerged as the biggest average fear, with 48% ranking it highly among their concerns. Young anxious about debt, crime and unemployment | Society | Society Guardian