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'Thousands Wasted' Through Unnecessary Clothes Shopping

Aug 18, 2007
Britons' debt consolidation problems are potentially being exacerbated through unnecessary shopping, new figures indicate. According to research conducted by Scottish Widows, the average consumer wastes some 6,044 pounds on unwanted clothes and shoes over the course of their life - an amount of money which, if used wisely, could help many with personal loan repayments.

Mike Hoban, customer and brand marketing director for Scottish Widows, said: "Shopping may be fun but, as this study shows, a large proportion of the money we spend on clothes and shoes is going to waste in our wardrobes instead of staying in our wallets."

Findings by the financial services firm also revealed that men could potentially have the highest difficulty meeting personal loans, credit cards and utility bills through buying unworn clothes, as they were reported to spend an 6,241 pounds on items which will only be left in their wardrobes and drawers. Meanwhile, women were said to waste 5,846 pounds on unwanted items.

Mr Hoban suggested that if consumers set aside some of the money they would normally spend on "must-haves" then they could be taking steps to secure their financial future.

"By simply taking a few moments to consider whether you actually need to buy the item in the first place, you'll be able to cut down on non-essential purchases and save lots of money in the process," he added.

Those aged 18 to 34 were reported to be the biggest shopping wasters - hoarding about 90 pounds worth of clothes every year. Meanwhile, shoppers aged 35 to 55 leave some 68 pounds worth of clothes to gather dust in their wardrobes.

The study also indicated that more than half of respondents (60 per cent) 'bended the truth' about how much they spent on clothes.

Overall, some 70 per cent of women were reported to have lied about their spending at least once, with 57 per cent of males also said to have done this.

Londoners were revealed to have hidden the cost of their clothes the most, with 65 per cent of those in the capital said to have bent the truth. Such shoppers were also reported to account for 63 and 60 per cent of consumers in Scotland and the north of England respectively.

Earlier this month, a study by Abbey revealed that unforeseen expenditure, which may incorporate splurging out on "must-have" clothes, accounts for an average of 1,375 pounds per consumer last year.

To meet these expenses, which could see consumers incur difficulties paying off personal loans, some 37 per cent were reported to have used their credit cards, with seven per cent of respondents borrowing money off a friend or relative. As a result, Reza Attar-Zadeh head of savings for Abbey, advised Britons to create a "buffer savings fund" to help guard against any unexpected debt consolidation difficulties.

He warned: "You never know what life is going to throw at you."

The study also indicated that those living in the south-east could be experiencing the worst debt management difficulties as 83 per cent of adults in the area have been forced to make unexpected payments.
About the Author
Abbi Rouse writes for All About Loans. Our visitors can apply online for bad credit secured loans. We also specialise in cheap loans, and debt consolidation loans.
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