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Latest figures show record numbers of British women are suffering from ‘shopaholicism’ resulting in a total unsecured debt of £13 billion. Suffering with money problems? Review your debt management issues now.
Four million female shopaholics on average rack up debts of £3,353 each year, nearly three times the national average of £1,147 uSwitch.com revealed.
This research shows the tough economic climate has not led to these women breaking the spending habit, with these women taking over seven months to pay off unsecured debts compared to the average female shopper who clears them in five.
“In today’s celebrity obsessed society, any lessons learnt from the recession have been airbrushed out of the picture,” said Ann Robinson, uSwitch.com director of consumer policy.
“Dispute the financial constraints, women have carried on copying the lifestyles and shopping habits of their idols and ignoring the debt they are racking up in the process. But this spend-emic has spread and it’s clear that men too have caught on to the joys and perils of shopping.”
Trips to the High street account for 55% of female shopaholic purchases with 45% of their spending being carried out from the comfort of their own living room.
A huge 23% admit their shopping behaviour has not changed given the economic climate and 4% admit to shopping more to cheer themselves up - risky behaviour for the 41% who also admit to ignoring their overdraft limit to purchase a ‘must have’ item.
“Consumers need to stay in control of their finances – it’s easy in the face of feeling impoverished to let go of the spending reins altogether,” continued Ann Robinson.
“By recognising that risk and not falling victim to it, consumers can feel empowered and enjoy the pleasure-rush of a new purchase, without racking up more unsecured debt. It is all gain and no pain.”
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