A summer of spontaneity is set to cost young adults £1,170, research has revealed.
The study of 2,000 adults found 18-34 year olds will part with £90.22 a week on unplanned activities.
With 67 per cent admitting they are much more likely to go out on a whim now than at any other time of the year.
These include impromptu sessions at the pub (27 per cent) and day trips (38 per cent) – while 21 per cent will even attend a festival at the drop of a hat.
And 47 per cent justify it to themselves by saying “you only live once”.
To cover the cost, 68 per cent dip into their savings, having to take £125 out of their pot each month over the summer.
Rajan Lakhani, personal finance expert for Plum [https://withplum.com/], which commissioned the research, said: “When the days are longer and the weather is warmer, it is only natural we want to be out more taking part in activities.”
“During the summer there is so much for young people to do, from festivals, day trips and holidays abroad, it’s no wonder so many people love to splurge.
“When you’re young you’re more care-free and have more wiggle room to be spontaneous in your life, but it does come at a cost.”
The research also found only 14 per cent of Brits feel very prepared when it comes to last minute summer spends.
Of those who do have spontaneous expenses, it leaves 17 per cent feeling guilty, while the same percentage feel happy in the moment, but regretful later.
And 42 per cent use their current account for these expenses, 40 per cent use an active savings account – while only 15 per cent use a cash ISA.
But 42 per cent have a hard time saying no to fun activities when the sun is shining, even if they are on a tight budget.
To help them stay on track of their finances, 37 per cent would be likely to use a budgeting tool that automatically analyses summer spending, according to the OnePoll figures.
Rajan Lakhani from Plum added: “So it’s not just younger people who struggle to say no when the weather turns nice.
“The whole nation feels the pinch when something fun in the sun crops up.
“But it’s surprising how few people feel prepared for this, even though it seems to happen every year.
Fortunately, there are automated tools that help you easily review your summer spending and help you get it under control.
“This includes lots of ways to manage spending, including savings tools like round-ups, which are designed to help you save whilst you spend, so spontaneous spending sprees won’t leave you feeling regretful.”
