Over half Brits blame their debt on their social lives!

Published Monday, Jul 21 2014, 17:00 BST  |  By  |  Add comment
Boozing with pals, catching up over dinner and getting in a round – our social lives are costing us a pretty penny!

So much, it's actually getting us into debt. Over a grand per person!

A study carried out by Money Advice Service found that almost half of adults were in a spot of money bother due to their social lives, with the average debt being £1,260.

Group of people drinking champagne

© Rex Features / Mode

But despite the financial strain, us Brits still spend more than they can afford, as over half admit they usually blow more than they intend when catching up with pals.

Out of the 3,000 adults questioned, a whopping 58 per cent declared the reason behind overspending was due to concerns over looking "tight" or stingy`' with cash in front of others.

While over a third explained it was their own fault for "getting carried away" and overspending their budget.

Despite needing to tighten the belt, it seems we can't say no to socialising! A quarter of us agree to go for meals they can't afford and 17 per cent have been on a holiday in the last year despite not having the dosh.

Expert Jane Symonds says: "Most of us spend a little more than planned every now and again. I'd urge anyone in debt due to their social spending, to take action now to avoid getting further into the red."

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