18 July 2007
Britons have spent over 169 billion buying expensive items such as clothes, games consoles and gym equipment that have never been taken out of their boxes, let alone used.
According to research from Abbey Savings, the average consumer has made nearly 3,700 worth of so-called 'pointless purchases', using credit cards and personal loans to fund their habit.
The poll found that half of people questioned said they had bought an expensive item of clothing that has hardly ever been taken out of the wardrobe.
Indeed, while women were the biggest squanderers in term of clothing and shoes, the study revealed the male obsession with having the latest gadget meant many expensive games consoles or video cameras were also discarded very quickly after they had been bought.
Furthermore, around a quarter of Britons own a piece of exercise equipment that hardly ever sees any activity; the same number own a bicycle that is now gathering dust; while 8% of people have a gym membership that is only used once in a blue moon.
Reza Attar Zadeh, Abbey's Head of Savings, said: "It seems that the majority of Brits aren't making their assets work hard enough for them.
"With 64% of UK adults having bought a big ticket 'pointless purchase', we'd recommend that people consider carefully where they are investing their hard earned cash."
© 2008 Adfero Ltd
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