The average Briton believes they could save £536 a year if they prioritised savings over convenience – with the search for an easier life costing the nation £35billion annually.
The survey from money.co.uk reveals the impact of opting for quick fixes on personal finances, with more than three in 10 people (35 percent) saying they are now overly reliant on services that offer convenience over savings.
When asked how much money Britons think they could save monthly if they didn’t pay for things out of convenience, the average amount totalled £44.72, resulting in an annual total of £536.
However, this figure rises significantly when shop-bought lunches, takeaways, taxi journeys and menial household chores are accounted for, resulting in an additional £2,500 potentially saved.
Lucinda O’Brien, savings expert at money.co.uk, commented: “Our research into the spending and savings habits reveals how adults in the UK, in the search for convenience, are spending significantly more than those who are willing to wait.
“While spending on convenience certainly isn’t wrong, it is important to understand the impact this has on your monthly budget and your ability to save.”
The cost of living crisis had a prominent impact on people’s attitude towards spending, with over half of the UK (55 percent) now looking to cut down on convenience costs. Respondents from Belfast (61 percent), Birmingham (60 percent) and Edinburgh (60 percent) admitted to feeling the pinch the hardest.
However, more than six in 10 (64 percent) say they now subscribe to premium versions of everyday services, such as Amazon Prime and Uber One, and more than one in four (26 percent) subscribe to recipe box delivery services – with almost half (46 percent) of the latter now saying they spend more on food as a result.
Similarly, more than a quarter (27 percent) said they pay extra for next-day delivery, with this figure rising to over a third for Gen Z (34 percent).
Meanwhile, household tasks such as DIY, gardening and laundry are costing Britons up to £62.03 a month, which equates to around £744.36 per year.
Other costs incurred include up to £254 on taxis and public transport and £381 spent on takeaways annually.
Delving into the regional results, those in Plymouth declared they spend the most on making life more convenient. Residents in the south coast city admitted to spending more than £60 per month and £720 per year on “convenience” spending – £184 more than the UK average.
London placed just behind with respondents attributing £50.47 a month to convenience spending, which equates to £604.92 a year. Nottingham closely followed with residents of this city spending around £50.39 a month on convenience, equating to £604.68 a year.
Glasgow and Edinburgh took the remaining spots in the top five cities for convenience spending, with respondents admitting to £48.22 and £46.80 a month respectively.
At the opposite end of the scale, those living in the Welsh capital Cardiff are more likely to prioritise finances over convenience. According to money.co.uk’s research, respondents from this city spend just £27 on convenience purchases each month, totalling £324 annually. This is £212 less per year than the average UK adult.
Newcastle, Bristol, Sheffield and Brighton took the remaining spots in the top five thriftiest cities, with respondents paying between £33.12 and £37.94 extra a month on convenience spending.
Ms O’Brien said: “According to our study, the average Brit could save more than £5,000 a year if they were to cut down on short taxi trips, takeaways and next-day delivery services.
“This spending could otherwise be put in a savings account to earn extra money and used as a buffer against the continuing rising cost of living crisis.”
