As debt management problems worsen for millions of consumers around the country, figures from Scottish Widows have shown that 18 to 35-year-olds are the UK’s most wasteful fashion spenders.
Furthermore, around 57 per cent of men and 70 per cent of women admitted in the recent poll that they have lied about the price they paid for a particular item of clothing.
“Shopping may be fun but, as this study shows, a large proportion of the money we spend on clothes and shoes is going to waste in our wardrobes instead of staying in our wallets,” said customer and brand marketing director at Scottish Widows Mike Hoban.
“By simply taking a few moments to consider whether you actually need to buy the item in the first place, you’ll be able to cut down on non-essential purchases and save lots of money in the process.”
More than 1.4 million people in the UK approached Citizens Advice for advice on becoming debt free during 2006, according to the charity’s own figures.