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Are you being savvy with your spending?

By Daniel Culpan

Personal injury Over 1.4 million a month - more than 17 million a year - is wasted by people across Britain on unnecessary spending, according to Bright Grey's Financial Safety Net Report.

The average person in the UK says they waste 28.90 every month. More worryingly, 300,000 adults think they squander at least 100 every month.

The research suggests that, despite the ongoing pressures of the current climate, many of us are not being as careful with our finances as we could be. Looking at the gender divide, it seems men are more willing to part with their money than women. Over a four-week period, the 'average man' spends more than 30.80 on non-essentials, while a woman 'typically' spends 27.30 over the same amount of time.

Regional differences in spending habits also revealed some interesting results. Newcastle was found to be the UK capital of 'gratuitous spending': with an average of 43.90 per person per month being wasted. This was followed by Cardiff (42.80) and Glasgow (38.30).

Roger Edwards, proposition director at Bright Grey, commented: "It is somewhat alarming that during a period when people fear for their financial future, the average person is still wasting nearly 30 a month through simply not taking care of their cash or spending it unwisely. Individuals should try to ensure they are getting the most from their money, particularly in a climate where every penny counts."

Image awhelin - Fotolia

Tags: spending habits, debt, Bright Grey, saving money, frugal

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