Brits waste a staggering £17 million a year

According to protection specialists Bright Grey's Financial Safety Net Report research, over £1,431 million a month (£17,176 million a year) is wasted on unnecessary and frivolous spending by people across the UK, showing that, despite the current economic climate, we are not necessarily being careful with our money. The average person says they fritter away £28.90 each month, and most worrying, one in twenty people - equating to 300,000 adults - think they each waste at least £100 every single month.

Men tend to be faster and looser with their money than women - spending over £30.80 per month on non-essential items during a four week period - compared with women who tend to waste £27.30 over the same timeframe.  Newcastle is the king of gratuitous spending - with an average monetary waste of £43.90 per person, followed closely by Cardiff (£42.80) and Glasgow (£38.30)

Average waste of money by city of residence

City - Average ‘waste' per month

Newcastle £43.90
Cardiff £42.80
Glasgow £38.30
London £34.50
Edinburgh £32.60
Southampton £31.40
Manchester £29.20
UK average £28.90

These figures may be down to the amount of cash people have at their fingertips.  UK adults have an average of £27.40 in cash with them each day, according to the research. Men generally carry more cash on them compared with women, with one in ten (10%) keeping between £75-£100 in their wallets on a regular basis, compared to just 4% of women.

The new study shows that Leeds is the most cash-rich city, with adults living in this city typically carrying £34.40 around with them, compared to the average Bristolian who has just £21.90 in their pockets.

Average cash in a person's wallet by city of residence

City - Average cash value in wallet
 
Leeds £34.40
Brighton £34.00
Southampton £31.00
Edinburgh £30.30
London £29.00
UK average £27.40
Nottingham £27.30
Birmingham £27.10
 
Roger Edwards, proposition director, Bright Grey, commented: "It is somewhat alarming that during a period when people fear for their financial future, the average person is still wasting nearly £30 a month through simply not taking care of their cash or spending it unwisely. Individuals should try to ensure they are getting the most from their money particularly in a climate where every penny counts. For less than half of people's average financial wastage per month they can safeguard their own and their families financial futures. Just £10 per month can provide people with up to £200,000 worth of essential life cover that affords families' financial security should the worst case scenario become a reality."