Youngsters set to spend £1,170 on ‘spontaneous summer' with majority dipping into savings to cover cost, research shows

Scottish Sun

2 days ago

SPLASH OUT Youngsters set to spend £1,170 on 'spontaneous summer' with majority dipping into savings to cover cost, research shows
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A SUMMER of spontaneity may be off the cards, after new research has revealed it could set young adults back £1,170.
The study of 2,000 adults found 18-34 year olds will face parting with £90.22 a week on unplanned activities.
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Young adults face parting with over £90 a week on unplanned activities this summer
Credit: SWNS
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Expert Rajan Lakhani acknowledged that it's hard to turn down spontaneous plans in hotter weather
Credit: SWNS
Also, a hefty 67 per cent admitted they are far more likely to go out on a whim now than at any other time of year, with 47 per cent justifying their actions with a 'you only live once' attitude.
These last minute outings include pub visits (27 per cent) and day trips (38 per cent) - while a further 21 per cent will even attend a festival at the drop of a hat.
Rajan Lakhani, personal finance expert for Plum, which commissioned the research, said: 'When the days are longer and the weather is warmer, it is only natural we want to be out more taking part in activities.
'During the summer there is so much for young people to do, from festivals, day trips and holidays abroad, it's no wonder so many people love to splurge.'
However, with youngsters being strapped for cash, 68 per cent find themselves dipping into savings to cover the cost.
The research revealed that people have to take £125 out of their pot each month over the summer period.
Mr Lakhani said: 'When you're young you're more care-free and have more wiggle room to be spontaneous in your life, but it does come at a cost.'
However, despite the more care-free attitude adopted in the hotter months, only 14 per cent of Brits actually feel prepared when it comes to last minute summer splurges.
Of those who do have spontaneous expenses, it leaves 17 per cent feeling guilt, while the same percentage feel happy in the moment, but regretful later.
But, 42 per cent admitted to finding it hard to say no to fun activities when the sun is shining, even if they are on a tight budget.
Mr Lakhani added: 'It's not just younger people who struggle to say no when the weather turns nice.
'The whole nation feels the pinch when something fun in the sun crops up.
'But it is surprising how few people feel prepared for this, even though it seems to happen every year.'
The data also revealed that 42 per cent of young people use their current account to cover these unforeseen expenses, 40 per cent use an active savings account, and just 15 per cent use a cash ISA.
To help them stay on top of their finances, 37 per cent would be likely to use a budgeting tool that automatically analyses summer spending, according to the OnePoll figures.
Mr Lakhani said: 'Fortunately, there are automated tools that help you easily review your summer spending and help you get it under control.
'This includes lots of ways to manage spending, including savings tools like round-ups, which are designed to help you save while you spend, so spontaneous spending sprees won't leave you feeling regretful.'