Carrying cash is leading to wasting money and frivolous spending, according to research released today.
According to research from Bright Grey, Brits prefer the feel of cash in their pocket, resulting in 300,000 Brits wasting a huge £100 a month on unnecessary spending.
The research suggests that male pockets are a lot looser than women’s, as men admitted to spending around £31 a month on non-essential items, with one in twenty saying they think they waste around £100 between paydays. Women will part with around £27 a month in the same period, but far fewer admitted to spending anywhere near the £100 mark.
Newcastle were the biggest culprits throwing cash around with an average of £44, Cardiff were also high on the list with just under £43. Next up was Glasgow, where the average spend is £38.
Bright Grey’s research suggests that this spending could be a result of Brits enjoying the weight of the Queen’s head in their wallet or purse. The average Brit will have £27 on them at any one time, with one in ten men saying they will constantly be carrying anything between £75 and £100.
Roger Edwards, proposition director at Bright Grey said the research was ‘alarming’.
“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”, he added.
Folks from Leeds and Brighton were the biggest carriers of cash with an average of £34.