The £23 billion gadget graveyard

People across the country are splashing their cash on the latest technology leaving a staggering £23 billion in unwanted gadgets and electrical items to collect dust, a new study reveals.

Leading independent personal finance website, Fool.co.uk, shows how the average Brit keeps £375 worth of technology lying redundant in the home, with one in five (18%) upgrading their gizmos less than two years down the line.

Owing to the dawn of digital TV, nearly half (41%) the population currently own a video/DVD player they no longer use, and thanks to the mobile revolution one third (32%) have a mobile tucked away in a cupboard. So it’s not just pennies down the back of the sofa, wasted money can be found all over the home.

Young people are the biggest culprits with over a quarter (27%) of 18-24 year olds buying the latest gadgets to keep up with current trends. And men are twice as likely to upgrade their gizmos then women (21% compared with 11%).

Despite this lust for shiny new gadgets, it can pay to wait, advises David Kuo, Head of Personal Finance at Fool.co.uk. “We’ve tracked some of the top gadgets on the market today and on average, £87.20 has been slashed since a product first launched. If you can hold out until the original hype has died down, you can make some significant savings.

However, if you do find the latest technology too tempting, there are some gadgets that hold their value longer than others, but there are no guarantees they will do so over the long term. Often it can be better to bide your time until the euphoria surrounding the next must-have gadget dies down. The only must-haves you need, are long-term financial goals to keep you from being distracted by short-term temptations.”