Copying lives of celebrities sends Brits spiralling into debt
Millions of Britons are spiralling into debt in their desperate attempt to mimic the lifestyles of celebrities, a new report suggests.
The report which surveyed the spending habits of 4,200 men and women, reveals that a third of us have entirely empty bank accounts at the end of the month, whilst an estimated 4.8 million adults spend more than they earn every month and a further nine million only break even before they are paid at the end of the month.
Uswitch.com, who published the report, say the ‘spendemic’ is leading to spiralling debts on credit cards and overdrafts and blames the need to copy celebrity lifestyles as the main culprit for a growing national debt.
‘We are caught in a spiral of conspicuous consumption,’ says Ann Robinson, director of consumer policy at Uswitch. ‘It is no longer enough to keep up with the Joneses.’
Blaming the rise in celebrity status Robinson added: ‘Instead we want to live like our favourite celebrities. But it is clear our salaries cannot keep up with our Hello! Magazine lifestyles.’
The report showed average spending in the last decade on ‘non-essential’ items such as jewellery, holidays, hotels and restaurants had jumped by 65% from £524 to £865 every month. Meanwhile debt repayment had rocketed by 104% to £356 a month since 1997.