Brits avoiding debt when splashing out on pastimes

Hobbyists across Britain are managing to avoid the need for debt management to enjoy their favourite pastimes, according to research from Friends Provident.

The firm found that while around one in ten (nine per cent) of people spend more than £500 getting their hobby off the ground and six per cent spend in the region of £1,000 a year on their pastime, most are avoiding the need for debt advice by using their savings to fund this.

Some 77 per cent said that savings supported their hobbies or that of their children, which can cost between £600 and £12,000 each year.

“It is encouraging to find that many people are using their savings or their wages to fund their hobbies, rather than paying with credit cards or loans,” said Christine Foyster, head of wealth management marketing at Friends Provident.

Ms Foyster added that regular contributions to a saving account is a “cost-effective way” to pay for a hobby.

Earlier this month Birmingham Midshires revealed that Britons were raiding their savings accounts to compensate for overspending.