New data from CashLady.com has discovered that most people across the UK believe that the biggest waste of money this year is spending money to buy clothes that will only be worn once. The survey of 2,017 people conducted by the credit broker set out to find out what Brits believed to be the biggest waste of cash in 2023.
The research found that 67 per cent of Brits believe they have ‘wasted’ between £21 and £100 on purchasing clothes to wear just once in the past year alone, with the average amount spent being around £84. It also showed that two in five people think that using a taxi service, rather than taking a bus or walking, is another waste of precious money during the ongoing cost of living crisis.
Spending money on delivery charges for an item that could be collected took the third spot with more than one in three believing it a needless expense.
Eight things people consider to be a waste of money this year
- Buying clothes to wear only once - 51%
- Using a taxi service rather than taking the bus or walking - 39%
- Spending money on the delivery of an item you could collect - 38%
- Multiple subscriptions to streaming services - 35%
- A gym membership - 35%
- Buying branded food and drink when non-branded is available - 33%
- Spending money on takeaways - 28%
- Buying clothes from stores when I can buy them second-hand - 16%
Money wasted on items or services in last 12 months
In the past year, people feel that they have wasted most of their money on takeaways- with almost a quarter of the UK admitting they’ve been guilty of this.
Gen-Z have fallen victim to splashing too much cash on takeaways, with this cited as the most common way in which they've wasted money in the past year. This was more than any other age group with 31 per cent agreeing that they’ve wasted money on takeout food in the past year.
Meanwhile, those living in Northern Ireland felt that they had wasted money on takeaways the most, out of all areas of the UK, with close to two in five agreeing with the statement (37.5%).
Five things people feel they have wasted the most money on in the past year:
- Spending money on takeaways - 23%
- Buying branded food and drink products when non-branded is available - 18%
- Spending money on the delivery of an item that you could collect - 17%
- Using a taxi service rather than taking the bus or walking - 17%
- Buying clothes to only wear once - 16%
Commenting on the findings, Personal Finance Expert at CashLady.com, Dan Whittaker said: “Many Brits across the country are still being affected by the rising cost of living, meaning that the way in which we budget and spend our money has become a greater consideration. Despite this, we are all prone to making purchases that we may later regret.
“We discovered that Brits feel that they have wasted the most money on takeaways in the past year. Despite this, Brits still consider spending cash on clothes to wear only once to be the biggest waste of money - which is understandable given the high cost per wear and a societal shift towards being more eco-conscious.
“If you feel you’ve wasted money on any of these factors, or other, we would recommend re-assessing your outgoings so that you can put steps in place to better meet your short or long term financial goals.”
To keep up to date with the latest cost of living news, join our Money Saving Scotland Facebook page here, follow us on Twitter @Record_Money, or subscribe to our newsletter which goes out Monday to Friday - sign up here.
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