NatWest issues warning to customers who 'overspent' this summer
NatWest has warned one in TWO Brits "overspent this summer". NatWest says one in two overspent through fear of missing out, commonly nicknamed FOMO, as the Cost of Living crisis continues up and down the country.
36 per cent stated they feel more pressure to spend in the summer months, with 25 per cent highlighting fear-of-missing-out (FOMO) and trying to keep up socially was a key driver of overspending. Higher earners are more likely to be impacted.
41 per cent of those earning over £100k are feeling the pressure to spend more during the summer and 50 per cent admitting that overspending causes anxiety. Laura Newman, Head of NatWest Premier Financial Planning, shared advice to help with budgeting and preventing FOMO from driving overspending.
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Ms Newman, Head of NatWest Premier Financial Planning, highlighted the importance of budgeting and financial planning to curb overspending during the summer months: She said: “With holidays, weddings, hen and stag dos, festivals and spontaneous social outings, it is easy to feel the pressure to say yes to everything and going over your budget.
“No matter the season, it is important to put your financial needs before your fear of missing out. Set up a plan for the year, budget accordingly, and remember that it is OK to say no! Speaking to your bank or a trusted financial adviser can help you understand your available assets to ensure you do not overspend.
“Interestingly, we have noticed our affluent customers struggling with this more. Feeling the pressure to keep up with others and to not miss out, but putting yourself and your financial needs first is a must. Making a clear financial plan and remembering your longer-term goals and the steps you’re taking to get there is a must to keep you on track.
"And our team is available to support in setting those plans and even updating them for those who did have a bigger summer than budgeted for.”