Nearly two-thirds (61 per cent) of people surveyed for the Money Advice Service (MAS) admitted to being “yolo” (you only live once) spenders, meaning they make snap purchases without really thinking about the impact on their finances.
On average, these people said they spend £162 per month on such purchases, buying around five items. Over the course of a year, this could add up to £1,944.
People were found to be particularly susceptible to making yolo purchases just after payday, with clothing, eating out, takeaways and gadgets high on the list of impulse buys. Some people surveyed had also booked holidays on impulse.
Women were more likely than men to splash out to make themselves feel happy or treat their children. They were also more likely to be influenced by a special offer or a sale.