Young Britons are splashing out more than ever during bank holidays, with Generation Z leading the charge in overspending, according to a new study.
The research reveals that nearly two-thirds of 18-24 year olds exceed their budgets during long weekends, with many racking up significant debt to fund their social lives.
The Bank Holiday Spending Spree
Data shows Gen Z spends an average of £247 per bank holiday weekend - £97 more than they initially budget. The biggest expenses include:
- Weekend getaways (42% of total spend)
- Restaurant meals and drinks (31%)
- Festival and event tickets (18%)
- Last-minute shopping (9%)
Why Can't Young People Resist Overspending?
Financial experts point to several factors driving this trend:
- Social media pressure to document lavish experiences
- FOMO (Fear Of Missing Out) on trending destinations
- Buy now, pay later services making overspending easier
- Delayed financial milestones like home ownership reducing long-term planning
The Aftermath: Debt and Regret
While the fun lasts a weekend, the financial hangover lingers. Nearly 40% of young overspenders report:
- Taking a month or longer to pay off bank holiday debts
- Cutting back on essentials to cover the shortfall
- Experiencing stress and anxiety about their finances
Money advisors warn this pattern could have serious consequences for young people's financial futures, potentially affecting their ability to save for homes or retirement.
Tips for Smarter Bank Holiday Spending
Financial planners recommend these strategies:
- Set a realistic budget before making plans
- Research free or low-cost local events
- Plan meals and transport in advance
- Use cash instead of cards to limit spending
- Consider a 'staycation' instead of expensive travel
