An independent study made by insolvency trade body R3 has shown that one in three young Brits engage in unplanned alcohol-induced spending that leaves them broke or insolvent. And R3 said more are expected to be find themselves in debt in the run up to Christmas because of drink-fuelled spending.

The study looked into the alcohol-induced spending among 18-24 year olds over the last year, and found that one in eight young people or 13 percent do not even remember how much money they threw away after spending the night in heavy-drinking, while some 20 percent admit to not caring how much they spent during a drinking session.

Two of the “sins” of young people are buying luxury drinks and spontaneous meals.

According to the study, majority of young Brits are more likely to have engaged in a spending spree during a night of booze compared with older age group. Interestingly, people who are already struggling with their debts are more likely to indulge in spending.  These people should seek debt management help as soon as their problems become apparent.

R3 president Peter Sargent, said, “In the run up to Christmas, drink spending can have long-term consequences on your finances, however harmless it seems at the time. We know that getting into debt is one of the biggest fears young people have, and avoiding drink-fuelled spending can help people to stay in control of their money. If spending does start to get out of control, its important to seek professional advice as soon as possible.”

Among the major findings of the study includes:

•    34% have, after a few drinks, ended up spending more money than they originally set out to spend in the last year.

•    24% have ended up buying food or going out to eat even though they did not originally intend to.

•    20% have bought more expensive drinks than they usually would do (e.g. cocktails or champagne).

•    18% admit to thinking who cares about money Ill deal with it another day!.

•    17% have drawn out more cash than they would have done if they had not had a drink.

•    13% have woken up without remembering how much they spent the night before.

•    5% say they have woken up to find receipts for things they did not remember buying.
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