Waste not, want not? Scots waste an average of £196 a year on binned food – but that’s not all, according to research carried out by Provident.
The findings reveal:
• The average weekly shop is £63 with people in Scotland wasting six per cent of that. • The yearly cost of wasted food from a weekly shop is £196. • The average woman in Scotland has three dresses which they never use just hanging in their wardrobe. • 11 per cent of Scots are paying for subscriptions monthly without even using or knowing about it! • From those that have been paying a monthly subscription without knowing or using the product, it took an average of 5.5 months for them to stop the direct debit. • 42 per cent of Scots admit that they need to save more. • 16 per cent are not sure about their monthly outgoings. • 14 per cent admit that money has left their accounts without them knowing about it. • 15 per cent have purchased an item in the last month which they now regret • The average Scot spends £20 a month on takeaways and £37 on going out.
As a consumer society, we spend more than we need but do you really know how much money you pour down the drain? Do you regularly use that gym pass? Do you watch these 54 extra TV channels? How long has it been since you’ve worn those shirts?
The research carried out by Provident surveying 2000 adults reveals how much the average Brit spends on food, water, unused satellite TV, among others.
It also raises the question about how much we could be saving by simply being more careful when grocery shopping or by checking our accounts for any unusual debits.
Tackling the food industry, it is worth noting Scots spend on average £63 on their weekly shop, of which six per cent will go to the bin, mainly because products have expired before they could be used. What’s more, despite the younger generations not earning executive wages and not being able to save considerably, they are the most likely to throw away food – almost 10 per cent, whereas the older generations waste an average of just 3.8%.
Retail therapy has been proven right, but one can ask if this is the ultimate solution when the research shows that women have at least three dresses which they never use, along with two pairs of trousers, three t-shirts, two jumpers and four pairs of shoes!
Monthly subscriptions are a hard blow on one’s account and it needs a bit of an assessment to determine how indispensable delivery services, group memberships, cable and music streaming direct debits are. For those in Scotland that have been paying a monthly subscription without knowing or using the product, it took an average of five and a half months for them to stop the direct debit.
It is not even the end of the month and it already feels like the money on your account has dried down? You might be among the 14 per cent of Scots for whom money has legitimately left their account without them knowing about it. Again, this may be because over 16 per cent of us do not know or are not sure about our monthly outgoings.
As the saying goes “if you find the cause, you find the cure”, Provident Personal Credit has created the ’Waste not, Want not’ tool to find out how much you waste per year.
Put in the details of your weekly routine to find out how much money you throw away each year without knowing it ... and learn how you can turn things around!