News Feed Item

Bronzed, Buff and Broke: Holidays and Gym Last to Go When Times Get Tough

Britons rank life's luxuries in UK poll showing where we spend our spare cash and what we'd be most prepared to sacrifice to save money

LONDON, UNITED KINGDOM -- (Marketwired) -- 07/09/14 -- Brits are reluctant to give up their little - and large - luxuries, new research from Nationwide Building Society reveals.

People are potentially spending thousands of pounds a year on non-essentials like eating in restaurants, going out and alcohol. But for those who spend on these items, if they needed to save money, one in five (21%) said they would not be happy to cut back on any of their discretionary spending, while just 3% would forgo their holidays and only 4% would stop going to the gym.

The survey totted up the ten most popular indulgences and then asked those respondents who said they spend money on each of these indulgences whether they would be willing to give them up to save money. Nationwide found:

--  Only 3% would consider abandoning their holiday
--  Just 4% would stop going to the gym
--  7% would give up non-essential transport such as taxis 8% would give up
    spending on technology (apps, phones, laptops etc.)
--  17% said they would stop smoking or drinking alcohol
--  Around a fifth (19%) would give up buying new clothes and accessories
--  19% would give up snacks, drinks and shop-bought lunches during the
    working day
--  19% would give up going out (cinema, pub etc...)
--  A fifth (20%) would put a hold on playing the Lottery or gambling
--  One in five (21%) would not give up any luxuries
--  Nearly a third (30%) would give up eating out

More than half of those surveyed said they eat out in restaurants in an average month (56%), while more than four in ten (44%) enjoy going out to the cinema, pub or theatre. New clothes were the third most popular pastime, with 43% maintaining fashion was their Achilles heel, while 41% spend their money on technology - from apps and computer games to mobile phone bills, laptops and internet. Cigarettes and alcohol ranked fifth for the most popular guilty pleasure, at 38% - the same as those who play the Lottery or gamble each month.

The research shows that the average monthly spend across the areas measured was:

--  Holidays: GBP 234.64 (equating to GBP 2,816 per year)
--  Cigarettes/ alcohol: GBP 67.06 (GBP 805)
--  Eating out: GBP 56.42 (GBP 677)
--  Clothes: GBP 49.34 (GBP 592)
--  Going out: GBP 44.23 (GBP 531)
--  Food/ drink: GBP 43.99 (GBP 528)
--  Technology: GBP 41.58 (GBP 499)
--  Gym: GBP 35.29 (GBP 423)
--  Non-essential travel: GBP 31.66 (GBP 380)
--  Lottery/ gambling: GBP 28.34 (GBP 340)

Total: GBP 633 (GBP 7,591)

Graham Pilkington, Nationwide's director for banking, general insurance and protection & investments, said: "We all love our little luxuries, but it is interesting to see how unwilling we are to let them go, even if we feel we need to save some cash. It may be that people don't quite realise how much money is going on their discretionary spending - for those people looking to tighten their belts it's worth adding up their non-essential spending to see their monthly totals. Even cutting just a portion of this and saving it; perhaps using the new impulse saver feature on our mobile banking app - could help them build up a sizeable pot of cash over the year."

Notes to editors:

All figures, unless otherwise stated, are from YouGov Plc. Total sample size was 2,398 adults. Fieldwork was undertaken between 20th - 21th March 2014. The survey was carried out online. The figures have been weighted and are representative of all UK adults (aged 18+)

Nationwide's saving app:

Nationwide Building Society recently launched an updated version of its top rated mobile banking app, introducing two new innovative features: Quick Balance and Impulse Saver. These opt-in features are the first of their kind in the UK and allow customers to manage their money in a faster, easier and more engaging way.

Quick Balance allows customers to see their account balance at a glance without logging in, helping members keep on top of their finances anytime, anywhere and at the touch of a button.

The unique Impulse Saver, allows customers to transfer pre-configured amounts from their current account(s) to their savings account(s) with a couple of taps, without logging in, encouraging customers to regularly save small amounts.

About Nationwide Building Society:

Nationwide is the world's largest building society as well as one of the largest savings providers and a top-three provider of mortgages in the UK. It is also a major provider of current accounts, credit cards, ISAs and personal loans. Nationwide has around 15 million customers.

Customers can manage their finances in branch, on the telephone, internet and post. The Society has around 15,000 employees. Nationwide's head office is in Swindon with administration centres based in Northampton, Bournemouth and Dunfermline. The Society also has a number of call centres across the UK.

Eden Black
020 726 16217
[email protected]

Rachel Jensen
01793 652967
[email protected]

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
"We started a Master of Science in business analytics - that's the hot topic. We serve the business community around San Francisco so we educate the working professionals and this is where they all want to be," explained Judy Lee, Associate Professor and Department Chair at Golden Gate University, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
Digital Transformation and Disruption, Amazon Style - What You Can Learn. Chris Kocher is a co-founder of Grey Heron, a management and strategic marketing consulting firm. He has 25+ years in both strategic and hands-on operating experience helping executives and investors build revenues and shareholder value. He has consulted with over 130 companies on innovating with new business models, product strategies and monetization. Chris has held management positions at HP and Symantec in addition to ...
DXWorldEXPO LLC announced today that Kevin Jackson joined the faculty of CloudEXPO's "10-Year Anniversary Event" which will take place on November 11-13, 2018 in New York City. Kevin L. Jackson is a globally recognized cloud computing expert and Founder/Author of the award winning "Cloud Musings" blog. Mr. Jackson has also been recognized as a "Top 100 Cybersecurity Influencer and Brand" by Onalytica (2015), a Huffington Post "Top 100 Cloud Computing Experts on Twitter" (2013) and a "Top 50 C...
Cloud-enabled transformation has evolved from cost saving measure to business innovation strategy -- one that combines the cloud with cognitive capabilities to drive market disruption. Learn how you can achieve the insight and agility you need to gain a competitive advantage. Industry-acclaimed CTO and cloud expert, Shankar Kalyana presents. Only the most exceptional IBMers are appointed with the rare distinction of IBM Fellow, the highest technical honor in the company. Shankar has also receive...
Enterprises have taken advantage of IoT to achieve important revenue and cost advantages. What is less apparent is how incumbent enterprises operating at scale have, following success with IoT, built analytic, operations management and software development capabilities - ranging from autonomous vehicles to manageable robotics installations. They have embraced these capabilities as if they were Silicon Valley startups.
Poor data quality and analytics drive down business value. In fact, Gartner estimated that the average financial impact of poor data quality on organizations is $9.7 million per year. But bad data is much more than a cost center. By eroding trust in information, analytics and the business decisions based on these, it is a serious impediment to digital transformation.
Daniel Jones is CTO of EngineerBetter, helping enterprises deliver value faster. Previously he was an IT consultant, indie video games developer, head of web development in the finance sector, and an award-winning martial artist. Continuous Delivery makes it possible to exploit findings of cognitive psychology and neuroscience to increase the productivity and happiness of our teams.
The standardization of container runtimes and images has sparked the creation of an almost overwhelming number of new open source projects that build on and otherwise work with these specifications. Of course, there's Kubernetes, which orchestrates and manages collections of containers. It was one of the first and best-known examples of projects that make containers truly useful for production use. However, more recently, the container ecosystem has truly exploded. A service mesh like Istio addr...
As DevOps methodologies expand their reach across the enterprise, organizations face the daunting challenge of adapting related cloud strategies to ensure optimal alignment, from managing complexity to ensuring proper governance. How can culture, automation, legacy apps and even budget be reexamined to enable this ongoing shift within the modern software factory? In her Day 2 Keynote at @DevOpsSummit at 21st Cloud Expo, Aruna Ravichandran, VP, DevOps Solutions Marketing, CA Technologies, was jo...
Predicting the future has never been more challenging - not because of the lack of data but because of the flood of ungoverned and risk laden information. Microsoft states that 2.5 exabytes of data are created every day. Expectations and reliance on data are being pushed to the limits, as demands around hybrid options continue to grow.
Business professionals no longer wonder if they'll migrate to the cloud; it's now a matter of when. The cloud environment has proved to be a major force in transitioning to an agile business model that enables quick decisions and fast implementation that solidify customer relationships. And when the cloud is combined with the power of cognitive computing, it drives innovation and transformation that achieves astounding competitive advantage.
Digital Transformation: Preparing Cloud & IoT Security for the Age of Artificial Intelligence. As automation and artificial intelligence (AI) power solution development and delivery, many businesses need to build backend cloud capabilities. Well-poised organizations, marketing smart devices with AI and BlockChain capabilities prepare to refine compliance and regulatory capabilities in 2018. Volumes of health, financial, technical and privacy data, along with tightening compliance requirements by...
As IoT continues to increase momentum, so does the associated risk. Secure Device Lifecycle Management (DLM) is ranked as one of the most important technology areas of IoT. Driving this trend is the realization that secure support for IoT devices provides companies the ability to deliver high-quality, reliable, secure offerings faster, create new revenue streams, and reduce support costs, all while building a competitive advantage in their markets. In this session, we will use customer use cases...
Evan Kirstel is an internationally recognized thought leader and social media influencer in IoT (#1 in 2017), Cloud, Data Security (2016), Health Tech (#9 in 2017), Digital Health (#6 in 2016), B2B Marketing (#5 in 2015), AI, Smart Home, Digital (2017), IIoT (#1 in 2017) and Telecom/Wireless/5G. His connections are a "Who's Who" in these technologies, He is in the top 10 most mentioned/re-tweeted by CMOs and CIOs (2016) and have been recently named 5th most influential B2B marketeer in the US. H...
The best way to leverage your Cloud Expo presence as a sponsor and exhibitor is to plan your news announcements around our events. The press covering Cloud Expo and @ThingsExpo will have access to these releases and will amplify your news announcements. More than two dozen Cloud companies either set deals at our shows or have announced their mergers and acquisitions at Cloud Expo. Product announcements during our show provide your company with the most reach through our targeted audiences.