Brits Push the Boat Out Celebrating a Summer of Events

News provided by

moneysupermarket.com

Aug 20, 2012, 07:18 ET

CHESTER, England, August 20, 2012 /PRNewswire/ --

  • Over 40 per cent have dented their finances with this Summer's celebrations

Summer 2012 in the UK has provided a blockbuster number of events for Brits to splash their cash on, from the Diamond Jubilee celebrations through to the Olympic Games, and many consumers have ended up spending extra than they had planned, according to MoneySupermarket.

A site poll run on Britain's number one comparison site, found  over 38 per cent said this Summer's events had impacted their finances with over half of these (58 per cent) spending more than they had planned to. Almost a quarter (24 per cent) who overspent had no regrets about doing so; a further 18 per cent had used their credit card and would worry about paying it off at a later date. 

A sensible eight per cent took a prudent approach and had already budgeted for the extra expense likely to be incurred through celebrating the summer events.

Kevin Mountford, head of banking at  MoneySupermarket, said: "It has really been a fantastic summer full of celebrations so it's no surprise consumers have entered into the spirit and spent more than they planned.

"Whilst it's good to see some have already budgeted for the extra expense, it's really important to be savvy about how you plan to pay for it or you could be left feeling the pinch for many months to come. For those who used a credit card to pay for the extra expenditure need to make sure they have the right plastic, otherwise they could be paying over the odds.  Transferring any existing debts from Summer spending on to a balance transfer card such as the Barclaycard Platinum Credit Card offering 22 months interest free can help spread the cost over the promotional period. Make sure you repay at least the minimum payment on time each month; otherwise you could lose the zero per cent deal. "

Notes to Editors:

MoneySupermarket webpoll

Have this summer's events put a dent in your finances?

  • Yes - I've already spent more than I planned - 22.4%
  • Yes - I've put it on my credit card and will think about it later - 6.8%
  • Yes - But I don't regret doing so - 9.2%
  • No - I'd already budgeted to spend more - 7.9%
  • No - I didn't spend any extra - 40.4%
  • No - I've spent less because I've watched so much TV - 12.3%
  • I'm not sure - 1%

Total votes: 1,210

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SOURCE moneysupermarket.com