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Almost three fifths of adults in the UK feel pressured into overspending in social situations, according to new research by online bank Marcus by Goldman Sachs. The most common reasons why people said they feel pressured to overspend in social situations is because it is easier to just go along with it (40%), and people don’t want to appear ‘tight’ (35%). A third of people say that they agree to this overspend because it isn’t worth the argument not to, and 33% also say that they are too polite to say no.
“FOMO,” or the “fear of missing out”, is making the biggest dent in our bank balances. UK adults are spending an average of £526 a year on socialising with friends and family simply because they don’t want to miss out. This number rises to £771 for men, compared to £286 for women. It’s the 45-54 year-old age group who spend the most because they fear missing out, shelling out an eye-watering average of £910 a year, compared to £688 for 18-24 year olds, £477 for 24-35 year olds, £247 for 35-44 year olds and £437 for over 55’s.
Aston spoke to Dr Thomas Webb, behavioural psychologist and Ali Peck, personal finance expert at Marcus by Goldman Sachs to discuss the research further and help people navigate these potentially awkward money moments…