Research hints at ‘hereditary’ spending

Consumers who spend too much on luxuries may have inherited the habit from their parents, new research has claimed.

According to Skipton Building Society, over 40 per cent of those surveyed replicate their parent’s spending traits, with almost 25 per cent adopting their mother’s spending habits.

This, the firm has suggested, could be seen as evidence of a ‘spending gene’.

However, Jason Clarke, a spokesperson for the building society, explained that those with debt management problems should not blame their parents for their behaviour.

“A key part of managing your finances in the current climate is about taking responsibility and keeping track of your outgoings,” he explained, adding that those looking to avoid a “debt hangover” should seek financial assistance.

Price comparison website Gocompare recently conducted research into the country’s New Year’s resolutions, finding that 42 per cent of respondents plan to reduce their outgoings over the coming 12 months.

By Tom Musk