Saving schmaving... Majority of UK adults waste £3,000 a year

A recent study revealed that some 38 million UK adults waste £52 a week on things or services that they do not really need.

17:53 06 March 2015

In a recent study conducted to establish UK adults’ attitude on saving, it was found that some 38 million adults waste on average about £52 a week or £3,000 a year on things or services that they do not really need. The study also found that more than half find it hard to resist spending all of the money they earn each month.

The research, which was conducted by Standard Life, concluded that millions of people prefer short-term gratification over larger long term gains.

However, participants said that they could reduce their spending on average of £92 per month without significantly impacting their lifestyle.

The study added that at least 14per cent of those who participated admitted to making an impulse purchase of over £50 in the past month which they regretted with 54per cent revealing the feeling kicked in within a day of spending the money.

Meanwhile, 51per cent of UK adults save money each month while a fifth say they never save at all. Those who saved revealed that having money in the bank for the rainy days made them feel “reassured” while some feel that it is "rewarding" to save.