Keeping up appearances costs flash Britons £45bn a year

Published on Sunday 19 August 2007 00:17

BRITONS are spending £45bn annually keeping up with the Joneses by splashing out on designer clothes and flash cars, with Scots the most concerned about what people think of them, according to online credit monitoring service CreditExpert.co.uk.

One in five admits to overspending due to peer pressure, with the average person squandering 5,874 beyond their means each year. More than a quarter admit that being worried about their image forces them to dig deep and follow the crowd.

Half those questioned feel pressured into buying large rounds of drinks and the same amount feel compelled to spend more than planned on gifts for friends and family.

One in four tries to impress on dates, and as a result splashes out more than they can afford - and it's no different at work, with 38% saying they contribute more money than they would like for colleagues' leaving gifts or birthday presents.

Britain is a nation of fashionistas, with 12% spending more than 100 a month beyond their means on clothes.

Called to account

ROYAL Bank of Scotland and NatWest customers will be able to access their bank accounts using their mobile phones from next month.

They will have to first pre-register with the bank. They will then be able to check balances, order mini-statements or top up their phone credit.

Merger rejected

MERGER talks between Royal Liver and Royal London, announced in April, have broken down.

The boards had been discussing the benefits of combining both societies. However, a statement last week said: "After careful thought and thorough consideration, the board of Royal Liver has concluded that although the proposal from Royal London had considerable merits for their members, they felt that those interests will be better served by pursuing an independent strategy."

House prices fall

HOUSE prices across Scotland continued to rise over the past quarter but there were signs of weakening in some areas, according to Lloyds TSB's House Price Monitor.

Prices in Aberdeen are up 32% over the year, yet over the past quarter prices fell slightly.

Glasgow showed clear signs of a slowdown with a quarterly fall in prices of 1.2% and a relatively modest annual rise of 5%.

Teresa Hunter