Brits have been warned about the risks of making too many YOLO purchases.
A recent study conducted by the Money Advice Service has highlighted the amount of money people are spending on impulse purchases and noted that a worryingly high percentage of these so-called YOLO (you only live once) purchases are being made with credit.
The study found that five million purchases of these kind are being made daily, totalling around £167 million a year. Furthermore, an increasing number of Brits are spending impulsively, with a 158 per cent increase seen since 2012.
Andy Webb, money expert with the Money Advice Service, commented: “YOLO stands for you only live once, but careless spending today can cause problems tomorrow. While we all like to reward ourselves every now and then with a YOLO purchase, the best thing to do is to acknowledge that you’re likely to buy yourself treats and budget for it.”
The research found that women are slightly more likely to feel regret about their purchases when they realise later that it wasn't something that they could afford. Men, meanwhile, are more likely to buy the item and forget about it.
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