People saving to party

Many Britons are willing to dip into their savings to fund their Friday nights out, new research has found.

14:35 16 September 2004

Britain is a nation of party goers, with many willing to dip into their savings to fund their Friday nights out, research from National Savings and Investments (NS&I) has found.

Around 1.4 million people across the country go out four Fridays a month, spending over 50 each time, amounting to a massive 3.4 billion spent each year.

And, at a time when the savings gap is growing, one in four people (24 per cent) are using their savings to pay for their Friday night on the town.

It's no surprise that those aged 16-24 are the most likely to go out on four Fridays each month (41 per cent), compared with less than one in ten (eight per cent) of those aged 55-64. Nationally, one in five (20 per cent) people go out two or three Fridays each month.

Gill Cattanach, marketing director at National Savings and Investments, said: "Everyone likes to unwind at the end of a week, but we all need to look to the future as well, and people could be setting themselves back by dipping into their savings to pay for Friday night fun.

"Just by cutting back on Friday night spending by half, those people who go out four Fridays and spend around 200 each month could be saving well over 1,000 each year, some of which could pay for a holiday where they could enjoy a drink somewhere far more exotic than their local."