Stressed Brits spending £128 million a year treating themselves as a way to feel better
GetPaidTo, the free rewards and cashback website, which launches today, reveals that retail therapy is the main way that most of us try to deal with our stressful lives.
• 80% of those surveyed admitted to purchasing items as a way to help them relax or feel better in stressful situations
• Almost 1 in 5 (18%) of those will spend over £20 on this treat purchase, with this number rising to 1 in 3 (32%) amongst 18-24 year olds
• 18-24 year olds are those most likely to treat themselves when stressed
• The most popular treat is chocolate, followed by a take-away in second place and a new item of clothing in third
• Two-thirds (66%) of those surveyed admitted that they don’t budget for these purchases
• Young people are the age bracket most likely to budget with 46% admitting that they do
LONDON – 24 April, 2015 – When it comes to dealing with stress, it seems the UK population are resorting to retail therapy, with new research from GetPaidTo.com revealing that we are spending a massive £128 million a year treating ourselves. The survey of 2,000 UK adults discovered that 80% of us will regularly use shopping as a way to relax or deal with a stressful situation and that 1 in 5 of us will spend over £20 on these ad hoc splurges.
When it comes to what we are purchasing to deal with stressful situations, 68% of us would select a bar of chocolate, nearly half of us (47%) would consider a take away, 37% would opt for a new item of clothing and over a third of us (35%) might reach for a bottle of wine. 7% of us even admit to resorting to purchasing a brand new car!
Barely there budgeting
With 80% of us admitting to splashing the cash, it seems that for many these purchases are also unplanned. Indeed two thirds (66%) of those surveyed admitted that they don’t budget for them when managing their monthly finances - suggesting that our retail therapy habits may be leading us to overstretch ourselves financially each month.
Furthermore, many people are not taking the time to shop around for these purchases and therefore could be missing out on significant savings. Using a cash back site to do your online shopping for example can save you as much as 20% and therefore if the UK is spending £128 million on treats for themselves, then collectively that could be a whopping saving of up to £25.6 million.
"With many of us juggling the stressful combination of a career and a family, it is unsurprising we are using spending as a way to relax" said Karim Wilkins from GetPaidTo. "What many people don’t know, however, is that by using cashback sites like GetPaidTo you can earn cashback on your purchases, saving you money every time you shop. Over time this saving can add up considerably, giving consumers extra money to spend treating themselves!"