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Press Release: The Skintest Day of The Year

By Clair Whitefield, Editor-in-chief | January 21st 2020

23rd JANUARY IS OFFICIALLY THE SKINTEST DAY POST-CHRISTMAS

BRITS鈥 SPENDING LEADS TO SECRETS AND REGRETS

AS SHOPPERS SPLASH UP TO 拢500 ON IMPULSIVE BARGAINS鈥But Shhh!聽 They Won鈥檛 Tell Their Loved Ones

路聽聽聽聽聽聽聽聽 Brits confess to spending online & paying on card to avoid thinking about what they spend, according to YouGov research from banking app B贸.

路聽聽聽聽聽聽聽聽 Nearly 1 in 3 (30%) regretted a purchase after realising they didn鈥檛 really need it.

路聽聽聽聽聽聽聽聽 Over a quarter (26%) admit to lying to a partner about their latest purchase, with the amount spent on new clothes causing the most fibs.

路聽聽聽聽聽聽聽聽 Some 62% feel they don鈥檛 have enough money left each month to save

Tuesday 21st January 鈥 B贸, the new banking app designed to help people do money better, reveals Thursday 23rd January 2020 is the skintest day for Brits post-Christmas*, the day when they have the least amount of money in their current accounts.聽 聽

According to B贸, the everyday spending account from NatWest, the UK is filled with impulsive spenders and regretful shoppers, with 1 in 5 (20%) spending between 拢101 and 拢500 on a single impulse buy and more than 1 in 4 (26%) lying to a partner or loved one about a purchase, based on findings from a YouGov survey of more than 2,000 people released today.

From fibs about the price, to telling tales over ever having made a purchase, Brits aren鈥檛 afraid to get creative when discussing their spending habits with loved ones. With the most common whoppers relating to buying new clothes, gadgets and in-app/game purchases.

鈥淭his research shows there鈥檚 a disconnect between what people spend on and what they know makes them happy.聽 Helping people regret fewer purchases so they spend more on what they love and can save for things that really matter to them, is what we鈥檙e all about.鈥

The urge to splurge

Spurred to splurge, 45% of Brits put their impulsive spending down to 鈥榓n offer is simply too good to miss鈥, with 22% admitting to spontaneous spending as a 鈥榩ick me up鈥 due to a bad day.

Convenience plays a role, with 20% of Brits confessing to online sprees and 25% admitting they spend on card to avoid thinking about the amount they鈥檙e spending.

Some 14%, admit to taking to social media to boast about their most enjoyable purchases, with holidays and weekends away proving to be the most boast-worthy content (21%), followed by meals out with family and friends (12%).

The spending hangover

Quick win purchases often lead to regret for 16%, as consumers confess to regretting sale splurges, with 30% regretting spending after realising they didn鈥檛 need it. Some 16% regret spending after the humbling realisation a purchase didn鈥檛 make them as happy as they thought it would.

Spending on convenience food is the most regretted purchase, as 25% of Brits admit regretting spending on food such as coffee, meal deals and fast food, followed closely by sweet treats and snacks such as chocolate, sweets and crisps (22%).

According to the research, some 59% of Brits don鈥檛 regularly save and a staggering 62% of those that rarely or never save say it鈥檚 because they don鈥檛 feel they have enough money left each month to save.

Chief Executive of B贸, Mark Bailie, said: 鈥淚n the age of contactless, it鈥檚 easy for people to lose control of their spending. B贸 is the banking app that wants to change this by helping people develop habits that will help them spend less so they can save more.

鈥淭his research shows there鈥檚 a disconnect between what people spend on and what they know makes them happy.聽 Helping people regret fewer purchases so they spend more on what they love and can save for things that really matter to them, is what we鈥檙e all about.鈥

James Yelland, Communications Manager at The Money Charity, said: 鈥淲hile there鈥檚 nothing wrong with buying something as a treat or on impulse, it is always best to do that in a financially savvy way, from being sure that you鈥檙e really getting a 鈥榖argain鈥 and having a well-considered budget in place so you know you can cover the 鈥榤ust-haves鈥 before you start paying for the 鈥榡ust-wants鈥.

鈥淎t The Money Charity, we help people of all ages to develop not just the skills and knowledge, but also the attitudes and behaviours they need to manage their money well and improve their financial wellbeing. We welcome all products and tools which help people get to grips with their money by making money management more accessible and intuitive.鈥

ENDS

Notes to Editors

*Based on a random sample of 1m NatWest customers over December 2018 - February 2019.

All figures, unless otherwise stated, are from YouGov Plc.聽Total sample size was 2067 adults. Fieldwork was undertaken between 7th - 8th January 2020.聽 The survey was carried out online. The figures have been weighted and are representative of all UK adults (aged 18+).

About B贸

B贸 is part of NatWest.

B贸 is an account for your everyday spending money designed to help you spend less and save more. There鈥檚 no need to switch! You can use B贸 alongside your main bank account.聽 B贸鈥檚 features have been designed to replicate how successful savers do it, with input from behaviour change and money management experts.

You can use B贸 to:

路聽聽聽聽聽聽聽聽 Separate your spending money from bills: Transfer your spending money to B贸 so you can manage it better! Do this one thing and you鈥檒l automatically manage your money better.

路聽聽聽聽聽聽聽聽 Keep tabs on spending: Get instant alerts when you use your card so you always know what your balance is and what you鈥檝e spent and where

路聽聽聽聽聽聽聽聽 Get to know spending habits: See everything listed by retailer, category and location

路聽聽聽聽聽聽聽聽 Feel on top of money: Create a Spending Budget to help you save towards your goals

路聽聽聽聽聽聽聽聽 Save little by little: Set a B贸 goal and start putting money in your Piggy Bank

路聽聽聽聽聽聽聽聽 Spend like a local: One of Money Saving Experts top two debit cards to use overseas.

How to type the B贸 accent on a keyboard:

路聽聽聽聽聽聽聽聽 In Windows聽聽聽聽聽聽聽聽聽聽聽聽聽聽聽聽聽聽 Alt Gr + o

路聽聽聽聽聽聽聽聽 On a Mac聽聽聽聽聽聽聽聽聽聽聽聽聽聽聽聽聽聽聽聽聽聽 Press the option key and e together and then hit o

路聽聽聽聽聽聽聽聽 On iOS / Android聽聽聽聽聽聽聽聽 Hold down o on the keyboard and the 贸 option will appear

About The Money Charity

The Money Charity is the UK鈥檚 financial capability charity. We believe that being on top of your money means you are more in control of your life, your finances and your debts, reducing stress and hardship, and that being on top of your money increases your wellbeing, helps you achieve your goals and live a happier more positive life as a result. Our vision is for everyone to be on top of their money as a part of everyday life. We empower people across the UK to build the skills, knowledge, attitudes and behaviours, to make the most of their money throughout their lives. Find out more at聽https://themoneycharity.org.uk/

Join B贸 in minutes

You must be 18 or over and a UK tax resident to be eligible for a B贸 account. You鈥檒l also need an iPhone on iOS 10 (or later) or an Android phone with 6.0 Marshmallow or above.

Get the app

B贸 is part of National Westminster Bank Plc (鈥淣atWest鈥), registered in England and Wales (Registered Number 929027). Registered Office: 250 Bishopsgate, London, EC2M 4AA. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. NatWest is entered on the Financial Services Register and its Register number is 121878. The Financial Services Register can be accessed at www.fca.org.uk/register. NatWest's registered VAT number is GB 243852752.

B贸 is protected by The Financial Services Compensation Scheme (FSCS). Read more here.

* If you have accounts with B贸 and NatWest, the maximum you would be able to claim across all accounts combined is 拢85,000.

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