Festival funds fall short
Festival attending Britons will need to borrow money to keep on partying - with half (51%) blaming bad budgeting, and nearly a quarter (24%) due to loss or theft, according to research by Barclays Pingit.
The study showed festival goers splash out an average of £159.67 once at the festival including transport to reach the festival destination, although not without a little help from their friends. While bad budgeting is mostly to blame, a further 29% misplaced debit cards and needed a loan from friends, 8% simply don't reckon they earn enough, and a further 7% had their belongings damaged due to bad weather.
When it comes to borrowing, Britons are quick to call on a friend but it can spoil the fun - the collective mate debt currently stands at £2.3bn £2.3 billion Great Mate Debt figure is calculated based on 44.9 m UK adults, multiplied by the mean amount that respondents cited their friends owe them in total at any given time. ONS Population estimates mid-2010, with 15% of friends having fallen out over the subject. With Isle of Wight and Download taking place this weekend, Barclays is encouraging people to take stock of their finances and download apps such as Barclays Pingit - which lets you transfer money straight away with just a mobile number - so you can pay back all those "IOUs" helping to avoid festival fall-outs with friends.
Petrol woes
Petrol was the third highest cost for festival goers at £25.59 - after food and drink. And it seems we expect our road trip buddies to pay their way. Over half of people offering lifts expect their mates to propose to split the petrol cost, however one in five (20%) would be too embarrassed to ask. This is most prevalent with the 35 - 40's (27%). Nevertheless, almost one in ten (9%) are the generous type and would foot the bill themselves.
Battle of the sexes
Also revealed is the growing appeal of festival luxury lovers and ‘metrosexuals', with men spending almost the same as women do on beauty treatments Average spend on beauty treatment and luxuries (hair straightening/blow-drys): Men - £7.03, Women - £6.83 - whilst also spending more on showers Average spend on showers: Men - £7.59 Women - £6.83. However, the fairer sex are luckier with their cash - since men are 10% more likely to lose their money or have it stolen (31%.)
Regional spenders
The biggest festival spenders are the Northern Irish - spending an average of £181.93 over the course of a festival. Although, interestingly, they were also the most sensible budgeters - without a single respondent needing a bail-out from a friend. Conversely, the lowest spenders were in the South West (£133.23) - who were also the most likely to blow the festival budget early on (80%).
On the subject of petrol, the East Midlanders would let politeness get the better of them - being the most afraid to ask a mate to split the cost (32%). Although when it comes to generosity, the Welsh come out on top with 18% paying the total cost themselves.
Darren Foulds, Director Barclays Mobile and Pingit at Barclays, commented: "When you're stuck in a muddy field, haven't showered for two days and you're dancing away to your favourite band - the last thing you want to worry about is running short of money. With our free Pingit app all you need is a 3G connection and the person's phone number, then you can settle up instantly and not let awkward cash conversations spoil your fun."
Barclays Financial Festival Survival Guide
1. Expect the worst: the British weather can be temperamental to say the least, so make sure you always over budget. You might need to grab a spare pair of wellies, or another tent!
2. Avoid the festival financial hangover: it's easy to throw caution to the wind when you're having such a great time, but you could end up spending far more than you bargained for... Use mobile banking apps like Barclays Mobile Banking to keep an eye on your daily spend, and ensure you're not going in to the red
3. Have a cash cushion: unfortunately very few vendors at festivals will accept cards, so make sure you take out cash each day and keep it on you at all times - not back in an unlocked tent
4. Safety first: the same financial safety rules apply at a festival. Always protect your PIN and don't leave your debit card in an easy to snatch place, like the front pouch of this season's trendiest festival backpack...
5. It might be raining, but don't be a drain on your mates: ensure you can pay back your mates at the earliest possible opportunity. Use mobile apps like Barclays Pingit to transfer money simply by using a mobile phone number
Top festival spends
Drink £32.67
Food £28.67
Petrol/Transport £25.59
Tents / sleeping bags or camping supplies £21.26
Clothing (to cope with a sudden change in weather i.e. wellington boots) £17.04
First aid items i.e. painkillers, plasters £7.43
Beauty treatments and luxuries (hair straightening, blow-drys) £7.38
Charging your mobile phone £7.12
Showers £7.11
Contraception £5.40