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Myopic big spenders driven by desire

05 April 2007
Frivolous spenders outnumber more responsible savers two to one in the British populace, a study from has found.

More than 7.5 million Britons think only about their short-term financial future and almost half that number – three million – spend only on the basis of what they want without stopping to think whether they can afford it.

Key indicators of financial awareness such as minimising borrowing or using interest-free credit cards are seen in just 1.5 million people across the country, the advice site claims.

'Buy now, think later' appears to be becoming an uncomfortably popular mantra among Britain's rising generation with 28 per cent of 16 to 24-year-olds only saving when they are planning to make a major purchase with the proceeds.

"It is disappointing that we still define ourselves as a nation of spenders rather than a nation of savers," commented's chief executive David Elms.

Planning ahead is the key to financial capability, he stressed, echoing calls from government financial advice service Consumer Direct to beware impulse purchases over the Easter weekend.

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