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One in three young people admit to drink-fuelled spending

One in three young people (34%) say they’ve spent more on evenings out than they originally set out to this year as a result of consuming alcohol, according to research released by insolvency trade body R3.

R3 is using the figures to highlight the potential impact that drink-fuelled spending on items such as luxury drinks and spontaneous meals could have on the long-term debt levels amongst this age group.

The new research, which looks at alcohol-induced spending among 18-24 year olds during 2009, also finds that one in eight young people (13%) have woken up without remembering how much they’ve spent the night before and almost one in five (18%) admit to thinking ‘who cares about money – I’ll deal with it another day!’

The research finds that over the last twelve months 24% have ended up buying food or going out to eat even though they didn’t originally intend to; 20% have bought more expensive drinks than they usually would do (e.g. cocktails or champagne); and 5% say they have woken up to find receipts for things they didn’t remember buying.

R3’s research shows that young people are more likely than people in older age groups to have done most of these things, with incidence rates tending to be higher among people who already struggle with their debts.

Peter Sargent, R3 President, says: “In the run up to Christmas, ‘drink spending’ can have long-term consequences on your finances, however harmless it seems at the time.

“We know that getting into debt is one of the biggest fears young people have, and avoiding drink-fuelled spending can help people to stay in control of their money.

“Whilst we don’t want to dampen the Christmas mood, if people of any age feel their spending is starting to get out of control, it’s very important that they seek professional advice as soon as possible.”

This was posted in Bdaily's Members' News section by Ruth Mitchell .