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Press releaseBRITS LOVE THAT FRIDAY FEELING 20 September 2004Britain is a nation of party goers, with many willing to dip into their savings to fund their Friday nights out, research from National Savings and Investments (NS&I) has found. Around 1.4 million people across the country go out four Fridays a month, spending over £50 each time, amounting to a whopping £3.4 billion each year*. And, at a time when the savings gap is growing, one in four (24%) people are using their savings to pay for their Friday night on the town. It’s no surprise that those aged 16-24 are the most likely to go out on four Fridays each month (41%), compared to just one in ten (8%) of those aged 55-64. Nationally, one in five (20%) people go out two or three Fridays each month. What do people do? The most popular way to spend a Friday evening is in a bar or pub, with nearly three quarters (72%) of people spending their evening this way. Only 1% of people said that Friday was no different to any other night, illustrating how much Brits relish the end of the week and the chance to get together with friends and family over a drink. Most popular Friday night activities
How much do people spend? One in six (16%) spend over £50 per Friday night, while 1%, or just under half a million people**, couldn’t pin down how much they spend at all. Twice as many men spend over £50, compared to women. The question is, are men subbing women’s Friday nights on the town? Alcohol Scots cited food as the greatest cost (45%), but almost half of people (47%) nationwide said alcohol was their biggest Friday night expense. Perhaps the men are buying more drinks than women, because more men than women identified it as their main expense (53% compared to 40%). How can we afford it? Friday night revellers are using a wide range of ways to fund their nights out, including over one in ten (11%), who use a credit card, 4% who use an overdraft, and 3% who borrow from a partner, friend or member of their family. Alarmingly, one in four (24%) people dip into their savings to fund their Friday nights out. But people are feeling guilty about their Friday night spending. One in four (25%) who spent more than £50 wish they didn’t spend as much, while 16-24 year olds feel the worst, with two thirds (61%) saying they wish they spent less. Gill Cattanach, marketing director at National Savings and Investments, said, “Everyone likes to unwind at the end of a week, but we all need to look to the future as well, and people could be setting themselves back by dipping into their savings to pay for Friday night fun. “Just by cutting back on Friday night spending by half, those people who go out four Fridays and spend around £200 each month could be saving well over £1,000 each year, some of which could pay for a holiday where they could enjoy a drink somewhere far more exotic than their local!” Ends Notes to Editors * Adult GB population 16+, 2001 Census, is 46,785,000. Therefore, 0.03% of the population aged 16+ (1,403,550) go out 4 Fridays each month and spend £50+. 14,035 x £50 x 4 weeks x 12 months = £3,368,520,000 £3,368,520,000 divided by 1,403,550 divided by 2 = £1,200 per year potential saving ** Adult GB population 16+, 2001 Census. (1% x 46.7 million = 0.46 million people). The research was conducted in Great Britain via PhoneBus, a telephone omnibus survey. A representative sample of 1005 GB adults aged 16+ were interviewed between 3rd–5th September 2004. How many times, on average, do you go out on a Friday night?
How much, on average, do you spend on an Friday night out?
Do you ever wish you didn’t spend so much on Friday nights out?
How do you fund your Friday night?
National Savings and Investments is an Executive Agency of the Chancellor of the Exchequer. Regional research data is available. For further information, digital images, or to arrange an interview call the NS&I media team.
Media team The numbers below are for media use only. Customers wishing to contact NS&I can find details here.
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