Phones blamed as trigger-appy shoppers go on '˜open all hours' sprees from bed
Many are being encouraged to indulge in “out-of-hours spending” by the convenience of apps which enable them to make purchases on their phones and PCs, according to the research from the Financial Services Compensation Scheme.
One in seven admit to spending using apps while at work and around half to doing so from the comfort of their bed.
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Hide AdNearly two-thirds of people surveyed say apps made it easier to part with their cash, while nearly 31 per cent said they had a negative impact on their finances.
Women spend £131 via apps in a typical month, while men hand over around £115, the research suggests.
Men are more likely to pay out via apps on gambling, travel, socialising, entertainment and music, while women are more likely to use apps for food and general shopping.
Some apps are available that help people manage their budgets more easily and identify areas where they may be overspending. But fewer than one in five people surveyed had installed one.
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Hide AdThe Financial Services Compensation Scheme is the UK’s savings safety net that protects consumers’ savings in banks and building societies in the event that a firm goes bust, up to an £85,000 limit.
Its head of communication, Mark Oakes, said: “Being able to make purchases at the touch of a button removes the thinking time you would usually have if you were in a shop.
“It requires discipline to stay in control of your money, not only spending but also saving, but it’s worth doing. Setting aside just a little a month can add up to a big sum; we are here to make sure your money is protected.”
The survey included more than 2,000 people from across the UK.