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Monday 28th of December 2009
June 4, 2009    

Carefree Brits spend more in the summertime

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by David Masters

Brits are splashing their spare cash on having a good time rather than stashing it away in a bank account, a study by National Savings & Investments (NS&I) has discovered.

Money saved on cheaper heating and electric bills during the summer months will be spent on socialising and leisure activities, NS&I found.

Two in five (42%) of those polled said they spend less on household bills and groceries during the summer, saving over £75 a month.

Unsurprisingly, nine in ten (92%) said they have their heating on less during the summer, whilst 82% hang washing on the line rather than putting it in the tumble dryer.

The good weather is good for fitness and healthy eating too, with seven in ten (70%) walking more during the summer, and one in three (34%) saving money by eating fruit and vegetables they’ve grown in the garden.

However, nearly half (48%) of respondents confessed that their summer savings would be more than offset by increased spending on holidays, weekends away, and going out to bars and restaurants with friends.

A similar number (43%) said the warmer weather makes them more relaxed about their outgoings.

Despite interest rates being at a record low, NS&I said Brits should make the most of reduced summer outgoings by “putting some of this money away” in a savings account.

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