Three quarters of young Brits confess they have felt pressured by social media to spend more than they can afford.
A staggering 75% of people under 35 have overspent on luxuries like posh clothes and flash cars in a bid to keep up with celebs like Kim Kardashian, while 60% of young Brits have knowingly overspent on a product in order to keep up with a trend.
A poll, commissioned by the app-based banking alternative uaccount.uk, found that when buying new products, younger respondents were more likely to say that Instagram is a major source of inspiration, 45% of 18-24 year-olds and 40% of 25-34 year-olds.
Two thirds of (65%) of the young people surveyed say that they feel pressures from social media to keep up an image if a ‘perfect lifestyle’. Men are more likely to admit feeling such pressure with 70% compared to 60% of women. Those under the age of 35 are more susceptible to such pressure; 81% of those aged between 18-24 and 80% of those aged between 25-34.
On average the respondents aged 18-45 spend a quarter (27%) of their monthly income on luxuries like clothes, shoes, make-up or trips to the salon. Younger respondents within this age range, and those on lower incomes, are more likely to spend a higher proportion of their incomes: those aged between 18 and 34 spend a third (33%), compares to 20% of those aged between 35-45).
This translates to an average monthly of monthly spend of £290 on luxuries amongst 18-45 year olds, 25-34 year-olds are the biggest spenders with a whopping £400 a month, that’s compared to £280 amongst 18-24 year olds, and £190 amongst those aged between 35-45). Male respondents came in as the big spenders with £400 a month compared to just £180 amongst the women. Respondents in London were the highest spenders with an average monthly spend of £500.
When preparing for a night out, a third (33%) of people surveyed said that they would usually buy a new item of clothing a fifth (22%) would buy an entire outfit! 37% of women were more likely to buy a new item compared to 29% of men. However, men were more likely to buy new shoes for a night out (23%) compared to women (15%).
In terms of grooming before a night out, 42% of men would get their hair done compared to 28% of women. 21% of men also said that they get a tan (spray on or sunbed) compared to 12% of women!
Almost a third (28%) of the men surveyed say that celebrities are one of their main sources of inspiration, compared to 16% of women.
When coming to taking selfies, a quarter of those surveyed admit to either tidying the room they are in first, and 20% have their hair or make-up done for the occasion. 21% of men have also visited somewhere that they have seen a celebrity visit so that they can recreate the image, versus 10 of women. A fifth of the young men also admit to posing for a photo in front of a car that isn’t theirs compared to 9% of women).
19% of respondents admit to having a taken photos in a changing room without purchasing the clothes; 23% of young men have done this compared to 15% of women.
Almost two-thirds (61%) of respondents say that they feel pressure from social media to spend more money on new clothes, a nice car etc. Again, the male respondents are more likely to feel this pressure with 67% compared to 55% of females.
For more information on U Account visit www.uaccount.uk.