Brits splash 29bn on credit card socialising, finds Virgin

Britons spend 29 billion a year on socialising, Virgin Money Credit Card has found.

08:24 17 December 2004

Britons spend 29 billion a year on socialising, Virgin Money Credit Card has found.

And peer pressure plays a large part in this, with one in three (32 per cent) saying they went out spending as they did not want to be seen as "stay at home scrooges".

The average person racks up 4,500 a year on socialising with friends and colleagues, but close to two thirds (60 per cent) do not budget for these activities.

"No one wants to be seen as the stay at home scrooge but pressure to be a party animal is taking a toll on our wallets. Brits today feel an increasing pressure to spend more and more money on nights out which is amassing more than a fifth of the average UK salary," said Scott Mowbray, of Virgin Money credit cards.

"For those already spent up on socialising, now could be a good time to review your spending and transfer to a card with a zero per cent balance. And for those who intend to party over Christmas and beyond, look at cards with a low rate," he added.

Residents of the South East spend the most on their social life, splashing out 391.40 a month. Those in the North East spend the least, at 352.27 a month.

Across the country restaurants take up more of our money than bars, with the average Briton spending 727 per year on eating out.

Those in the North West take their drinking the most seriously, spending 930.72 in bars.