The amount – around £1.4m per month – is revealed in Bright Grey’s Financial Safety Net Report and breaks down to an average person frittering away around £28 per month but with one in 20 squandering at least £100.
Roger Edwards, Bright Grey managing director, said: “It is somewhat alarming that during a period when people fear for their financial future, the average person is still wasting nearly £30 a month through simply not taking care of their cash or spending it unwisely.
“Individuals should try to ensure they are getting the most from their money particularly in a climate where every penny counts.
“For less than half of people’s average financial wastage per month they can safeguard their own and their families financial futures. Just £10 per month can provide people with up to £200,000 worth of essential life cover that affords families’ financial security should the worst case scenario become a reality.”
Men tend to be faster and looser with their money than women – spending over £30.80 per month on non-essential items during a four week period - compared with women who tend to waste £27.30 over the same timeframe. Newcastle is the king of gratuitous spending – with an average monetary waste of £43.90 per person, followed closely by Cardiff (£42.80) and Glasgow (£38.30)
These figures may be down to the amount of cash people have at their fingertips. UK adults have an average of £27.40 in cash with them each day, according to the research. Men generally carry more cash on them compared with women, with one in ten (10%) keeping between £75-£100 in their wallets on a regular basis, compared to just 4% of women.
The study shows that Leeds is the most cash-rich city, with adults living in this city typically carrying £34.40 around with them, compared to the average Bristolian who has just £21.90 in their pockets.
