Egg Money: Brits overspending on shopping

29 November 2005
Brits overspend by millions on shopping trips and risk putting themselves in financial difficulty, says egg Money.

Research by the online bank found only one in ten Brits use a shopping list to keep track of what they are buying and those who don’t could be overspending by as much as £300 million.

The bank says the distractions are worse in the run-up to Christmas as high street shops fill their shelves with tempting treats, but the online bank said Brits should budget now to avoid running into debt.

Chief financial officer at egg, Mark Nancarrow, said: "Keeping track of our money is hard enough at the best of times but with all the distractions of the high street it seems that it is nearly impossible to do so when out shopping.

"Christmas is the most expensive time of year for the majority of people and there is increased pressure to spend all round. It is better to budget now than face a financial hangover in the New Year."

The online bank's survey revealed three-quarters of people could not estimate how much they had spent when asked.

Of those who gave an estimate, 85 per cent were incorrect and underestimated their total by eight per cent.

Egg Money recently launched a new product which allows customers to separate spending money from money intended for bills to help consumers control their finances.

New estimates suggest credit card spending will fall this Christmas for the first time in a decade, despite predictions that overall spending will rise by 11 per cent this year.

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