Festival
With summer on its way and many packing to go to festivals (1.38million) attenders more often than not need to borrow money form their mates and family to keep up the pace. 51% blame their lack of funds on bad budgeting and 24% blame it on loss of personal belongings or theft, according to Barclays Pingit.
The results found that visitors at festivals overspend on average by £159.67 once they arrive, however this is hugely boosted by loans from friends.
Budgeting or lack thereof is flagged up the most as a reason for borrowing money, however 29% managed to lose their debit cards, 8% didn’t earn enough to fund themselves and 7% were unfortunate to have their things destroyed by bad weather conditions.
Brits are quick to ask for money but this has resulted in mate debt being a huge 2.3 billion, calculated based on the average amount that people are owed from their mates and 15% of the time, the debt leads to fallings out when money could not be repaid or the amounts re paid were not correct.
With festivals in full swing Barclays is suggesting you use the app Barclays Pingit - which lets you transfer money straight away with just a mobile number – this means you can keep track of everything you owe and to who to prevent festival feuds.
Petrol woes
Not just a woe at festivals, but petrol is the third highest cost at an average of £25.29, closely followed by food and drink. It is expected that any riders should pay their way for this huge expense, however those shyer ones among us are too embarrassed to ask for the petrol to be split (20%). The 35-40 age group seem to be the most bashful about this with 27% not asking for money back on their fuel costs. For the other 9% it does not enter their minds and would consider footing the whole bill themselves.
Battle of the sexes
There are also a growing number of festival goers that are enjoying the luxury treatments that there are to offer with the rise of ‘Metrosexuals’, as men spend nearly the same as women do on beauty treatments. Hair straightening and blow drys- men spend an average of £7.03 against £6.83 for women as well as spending more on showers, men £7.59 and women £6.83, however men are 10% more likely to lose their money or have it stolen.
Regional spenders
The Northern Irish are guilty of spending the most at festivals averaging out at £181.93 over the entire weekend. The most surprising thing about these stats were that despite spending more they were the group least likely to require a loan from a friend.
The lowest overall spenders were in the south west (£133.23), however they were likely to blow this early on their trip and need to borrow from a mate.
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
- 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!
- 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
- 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
- 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…
- 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 |