Brits struggle to resist summer fun despite tight budgets and financial concerns | Personal Finance | Finance

Research has uncovered that a summer filled with impulsive fun is set to leave young adults £1,170 out of pocket. This summer, those aged between 18 and 34 are expected to splash out an average of £90.22 weekly on spur-of-the-moment activities, with many confessing they’re more inclined to make snap decisions now than at any other time of the year.

From unexpected rounds at the local to last-minute day trips, a fifth are even prepared to hit a festival on the fly, often excusing their spontaneity with the mantra “you only live once”. To fund these sudden summer escapades, around seven in ten will raid their savings, withdrawing an average of £125 out of their pot, each month, over the summer.

Rajan Lakhani, personal finance expert for Plum, which commissioned the research, said: “When the days are longer and the weather is warmer, it is only natural we want to be out more taking part in activities.

“During the summer there is so much for young people to do; from festivals to day trips and holidays abroad, it’s no wonder so many people love to splurge. When you’re young you’re more care-free and have more wiggle room to be spontaneous in your life, but it does come at a cost.”

The research found only 14% of Brits feel financially prepared when it comes to last minute summer plans. Of those do end up spending their money spontaneously, 17% are left feeling guilty, while others feel happy in the moment but regret it later.

Four in ten admit they have a hard time saying no to fun activities when the sun is shining, even if they are on a tight budget. As such, 40% are likely to use an active savings account and further 15% will dip into their cash ISA.

To keep their finances in check, 37% would consider using a budgeting gadget that automatically tallies their summer spend, as per OnePoll data.

Rajan Lakhani from Plum stated: “So it’s not just younger people who struggle to say no when the weather turns nice. But it’s surprising how few people feel prepared for this, even though it seems to happen every year.

“Fortunately, there are automated tools that help you easily review your summer spending and help you get it under control.

“This includes lots of ways to manage spending, including savings tools like round-ups, which are designed to help you save whilst you spend, so spontaneous spending sprees won’t leave you feeling regretful. “.