32% of Brits living beyond their means

Around 32% of UK adults are pressured to spend more than they can afford, according to new research from Nerdwallet, the personal finance firm. 

 Nerdwallet found:

• millennials are the highest age group to find themselves in debt, with 44% using credit cards, overdrafts or personal loans at least sometimes to pay for their lifestyle.
• 64% of men are more willing to take on debt to pay for their lifestyle, compared with 47% of women.
• People in higher income brackets use more debt than those in lower income brackets, with those earning £34,963 more likely to use debt to fund their lifestyle, and can often find themselves in debt. 

Overall, around 30% of the 2,000 UK adults surveyed are using credit cards at least some of the time.

The survey also found where our spending priorities lie.

Most essential: broadband internet

Very important: Mortgage repayments and fuel costs

After those essential costs, it was found 30% of those surveyed consider wellness activities such as gym memberships, somewhat or very important. 43% of UK adults prioritise spending on hair and beauty appointments.

Amy Knight, spokesperson at NerdWallet UK, said: “There seems to be a worrying trend when it comes to consumers feeling pressured to overspend and live beyond their means. Debt worries are universal, which is why everyone, no matter their background or level of income, should take steps to build their financial fitness.

 “Getting to grips with their spending behaviours and setting limits can help individuals and families to weather the ongoing cost of living and successfully reach their financial goals, no matter what those might be.”

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