Many UK residents are being "frivolous" by spending unnecessary cash on items that they are unlikely to need, rather then placing it into savings accounts, one company has warned.
Scottish Widows, provider of savings and pensions, said that UK residents waste an average of £6,044 throughout their lives on clothes and shoes that they do not want - money that could be better spent if saved for a rainy day.
A study conducted by the firm revealed that the trend is greatest among 18 to 34-year-olds, who spend an unused £90 per year on these items, while the 35 to 55-year-olds waste £68.
Mike Hoban, customer and brand marketing director at Scottish Widows, said: "Shopping may be fun but, as this study shows, a large proportion of the money we spend on clothes and shoes is going to waste in our wardrobes instead of staying in our wallets."
He added that by carefully considering a purchase Britons will be able to save a good deal of money.
Scottish Widows is part of the Lloyds TSB group.
Britons put shopping before savings, study shows
Britons put shopping before savings, study shows
Tue, 26 Jun 2007
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