It would appear that, for the average young woman in the UK, the lion's share of disposable income is being spent on clothing and accessories; with clothing being prioritised over clearing debts for the majority.
The study, conducted by www.MyVoucherCodes.co.uk, aimed to find out more about the spending habits of young people around the UK. 1,911 men and women aged 18-30 in full-time employment subsequently took part.
Those taking part were asked to list what items they most regularly spent their monthly disposable income on, aside from necessary outgoings such as bills, rent and groceries. According to the results, the top 5 items that young women spend their disposable income on were as follows:
1) Clothing/ Accessories
2) Socialising/ Nights Out
3) Beauty/ Grooming Products
3) Eating Out/ Takeaways
4) Debt Repayments
In contrast, the top five items that young men spend their disposable income on, according to the results, were as follows:
1) Socialising/ Nights Out
2) Eating Out/ Takeaways
3) Debt Repayments
4) Clothing/ Accessories
5) Beauty/ Grooming Products
The women taking part were asked to estimate how much of their disposable income they believe they spend per month on clothes and accessories in particular. When taking all answers into account, the average amount estimated by the women taking part was ‘65%’; meaning that, for the average young woman, two thirds of her disposable income is spent on clothing/ accessories each month.
In contrast, the men taking part were asked the same question, to which the average response came out as ‘24%’; meaning that around a quarter of the average man’s disposable income is spent on clothing/ accessories each month.
When asked whether or not they saved any of their disposable income per month, just a quarter, 26%, of respondents said “yes”. Three quarters, 78%, of respondents were in some sort of debt; yet when asked whether or not they made debt repayments with their disposable income a priority over other “unnecessary” spends, three fifths, 61%, of these respondents said “no”.
Mark Pearson, Chairman of MyVoucherCodes.co.uk, commented on the findings:
“For most, disposable income is incredibly precious, as it’s the money you earn that you can actually enjoy spending; as opposed to money that has to go towards necessary outgoings like bills. To see that as much as two thirds of the average young woman’s disposable income is going on clothing was surprising, particularly when you consider that just a quarter of the average man’s is going on the same thing.”
“Your disposable income is there to spend on what you want, but clothing shouldn’t really be prioritised over debt repayments or savings. The best way to save, if you can afford to, is to treat it as a necessary monthly outgoing. Figure out what you can realistically afford to save and set up a standing order into a savings account; that way you needn’t have to factor it in when trying to decide if you can afford that new jacket you desperately want!”