The price you REALLY pay for friends and family
It seems Brits are ‘spending’ joy all year long as research reveals the TRUE cost of friends and family for the everyday Brit. It’s finally time for a reality check on the price you pay for being sociable in your lifetime. The findings, released by group payment and personal fundraising platform, Leetchi.com, reveal that Brits spend an average of £72,183 and attend 891 events such as birthdays, hen and stag dos, birthdays, weddings and baby showers in a lifetime. More than 1 in 3 (37%) believe social media and apps such as WhatsApp, are behind the increasing amount of events and celebrations they have to attend each year.
Socialite Tax takes its toll – Leetchi.com research results
The Socialite Tax doesn’t just come with a hefty price tag, the research showed it’s also affecting the UK’s mental health as almost half (42%) feel stressed because they can’t afford to pay for the increasing amount of nights out, dinners and presents for their friends and family.
When broken down by gender, the results show that men spend more on friends and family over their lifetime than women, with men spending an average of £71,885 compared to £69,677. However, despite spending less, women were more likely to admit that the number of events they attend per year has increased because of social media and apps such as WhatsApp at 40%, versus 32% of men. 48% of women say they feel stressed at the amount of occasions they need to splash out on, compared to just 33% of men.
The city with the biggest spenders
The UK Capital proved to have the most generous spenders with the average Londoner spending a huge £86,678 in a lifetime, averaging at £94 per friend or family member. The second biggest city of spenders is Cambridge at £75,639 in a lifetime, averaging at £76 per friend or family member. When it comes to the number of events attended, Cambridge is in the top spot with the average Cambridge dweller celebrating 899 occasions in a lifetime, closely followed by London at 878.
People from Leicester are least likely to splash the cash on their friends and family, spending only £37,492 in a lifetime, an average of £48 for each friend or family member.
Top 10 Most Generous Cities (based on average amount spent in a lifetime):
”It’s eye-opening to see the financial strain that our social lives can have on us. With Brits spending tens of thousands of pounds on social activities, it’s completely understandable that over half of Brits are feeling stressed as a result. If you factor in the spontaneous drinks with colleagues or an impromptu dinner with friends, I’m sure that you’ll see the costs double.”
“Because of social media, people are staying in touch for longer and have wider personal networks which means people struggle to pay time and time again for separate presents. Celebrations shouldn’t be a stressful experience, they provide an opportunity to enjoy life and the moments that matter with your friends and family. The research shows that over half of Brits would prefer to pool money together so they can buy bigger and more meaningful gifts for their friends and family, Leetchi.com is providing an easy way to do just that and taking the financial stress away so you can give gifts that people love, without compromise.”
About The Research
Survey of 2,066 respondents conducted by GingerComms on behalf of Leetchi.com
Leetchi.com is the leading European group payment and personal fundraising platform. It proposes a fast, easy and secure way for people to raise and collect money online via personalised money pots. From supporting good causes, to financing personal and community projects, to organising group gifts and events, Leetchi.com helps bring ideas to life!
What will you next gift or event be?