Brits waste a whopping £22K in a lifetime because of ‘fear of missing out’ — and women are the biggest culprits
Fear of Missing Out drives half the nation to needlessly spend thousands of pounds on nights out, meals and clothes so they don't feel left out. Research reveals Bristol is the UK's FOMO hotspot
The average Brit will needlessly shell out £22,270 in their lifetime – because of FOMO (Fear of Missing Out), according to a new study.
Researchers took an in depth look into the nation’s spending habits and revealed almost half (42 per cent) of the nation admit they struggle with feelings of missing out – in terms of their social lives, the places they have not yet visited and the material things they do not have.
In fact, according to the survey by – a desperate need to not miss out leads to the average Brit spending £353 a year on things they did not ACTUALLY want to spend money on.
According to the poll, women are the biggest culprits, with 45 per cent claiming they get regular FOMO, compared to slightly less men (37 per cent).
Overall, 37 per cent of Brits feel jealous if their friends are having a night out without them, while 30 per cent feel envious if a friend has landed a good deal on something in a sale.
The study shows we spend £3,276 in an adult lifetime on nights out that we do not really want to go on, and a further £3,087 on clothes we only bought because someone else was wearing them.
“Weigh up the toll – physically and financially – of attending drinks and parties and events out of duty, rather than genuine will to be there and that will give you more cash to do things, and buy things, that you actually want. And more time back, which is ultimately the most valuable commodity.
“When it comes to nights out and weekends away, if you’re too short to play, speak out. For all you know, your friends might be doing exactly the same thing as you, and will a venue change or an activity that is within budget. The more you say no, the easier it gets.”
The research shows the average Brit has spent £267 since January on things that have been a “mistake” with 36 per cent saying they rushed into a purchase without thinking it through.
24 per cent bought something because it was in the sale only to regret it later, and 6 per cent bought something because a friend had got one but it was a huge disappointment.
Vix continued: “It’s easy to get wrapped up in the excitement of a big sales event like Black Friday, especially with the onslaught of advertising and publicity around it. However, particularly in the run up to Christmas, it’s important to exercise restraint and keep your spending to what you really need, and avoid buying something purely for the need to take part.”
“Just eight per cent of Brits use this time to review their contracts and services, despite there being some fantastic offers available that will continue to pay dividends all year, long after the buzz of a pair of new shoes – that don’t even fit – fades.