Impulsive Scots spend big – and don’t save enough

Scots are the biggest impulsive purchasers – more likely to spend big on a whim.

We are likely to spend on pay day and struggle the rest of the month and regret it, they also don’t save enough with 60% saying they have too much month at the end of their money.

Bó, which is part of NatWest, unveiled the spending habits and regrets of the nation during their survey of over 2,000 adults.

Based on a random sample of 1million NatWest customers over December 2018-February 2019, it also shows:

  • Scots have the worst money management skills only 19% claim to have good money management skills
  • Scots regret spending money on Taxi/s Ubers the most (16%)
  • Scots would best describe themselves as ‘considered’ shopper (71%) spending time deciding whether they need to make the purchase
  • One in 10 Scots spend up to £1000 on an impulse purchase. Their reason for spending? Because the offer is too good!
  • 32% of Scots have lied to their partners about a purchase
  • One in five Scots say having a second bank account helps to stop over spending

Chief executive of Bó, Mark Bailie, said: ‘In the age of contactless, it’s easy for people to lose control of their spending. Bó is the banking app that wants to change this by helping people develop habits that will help them spend less so they can save more.

‘This research shows there’s a disconnect between what people spend on and what they know makes them happy. Helping people regret fewer purchases so they spend more on what they love and can save for things that really matter to them, is what we’re all about.’

James Yelland, communications manager at The Money Charity, said: ‘While there’s nothing wrong with buying something as a treat or on impulse, it is always best to do that in a financially savvy way, from being sure that you’re really getting a “bargain” and having a well-considered budget in place so you know you can cover the “must-haves”, before you start paying for the “just-wants”.

‘At The Money Charity, we help people of all ages to develop not just the skills and knowledge, but also the attitudes and behaviours they need to manage their money well and improve their financial wellbeing. We welcome all products and tools which help people get to grips with their money by making money management more accessible and intuitive.’