'Yolo shopping costs Britons £2,000 per year'

Impulse-buying Britons spend nearly £2,000 a year typically purchasing "you only live once" items, according to research for a Government-backed body.

Nearly two-thirds (61%) of people surveyed for the Money Advice Service (MAS) admitted to being "yolo" (you only live once) spenders, meaning they make snap purchases without really thinking about the impact on their finances.

On average, these people said they spend £162 per month on such purchases, buying around five items. Over the course of a year, this could add up to £1,944.%VIRTUAL-ArticleSidebar-supermarkets%

People were found to be particularly susceptible to making yolo purchases just after payday, with clothing, eating out, takeaways and gadgets high on the list of impulse buys. Some people surveyed had also booked holidays on impulse.

Women were more likely than men to splash out to make themselves feel happy or treat their children. They were also more likely to be influenced by a special offer or a sale.

Men were more likely than women to have made a yolo purchase after drinking alcohol or having a good day at work, according to the survey of more than 2,000 people. Men were also found to be more likely to feel under social pressure to buy the latest item.

Around one in four (28%) of yolo purchases were bought on credit, the MAS found, which could make the initial cost of the purchase considerably more expensive.

People who paid this way could be putting the purchase on a credit card, dipping into their overdraft, borrowing from friends or family or even using a payday loan to cover the cost.

Women were more likely than men to go on to regret making their impulse buy.

One in 10 women who have made a yolo purchase said they later realised they could not afford it, compared with 8% of men.

The MAS is an independent body which was set up by Government to offer money tips.

Andy Webb, a money expert at the MAS, said: "If you're finding yourself regretting impulse spending then there are small steps you can take to curb this.

"Yolo spending thrives on opportunity - so one trick is to leave your cards at home and only take the money with you that you can afford. If you don't have it, you can't spend it.

"You can also find a rule that will work for you. For example, you could make a point of waiting until you've compared prices before buying bargains in a sale. In the extra time it takes to shop around, you might realise you don't really need it after all.

"If you do still want to go for it, stop to work out if you can afford the product and then you'll hopefully have found it cheaper too."

Here are the reasons given by impulse-buyers for having made their purchases, with the percentage for men followed by the percentage for women, according to the Money Advice Service's findings:

To cheer myself up/make myself feel better, 25%, 39%

I wanted to treat/surprise my children, 12%, 17%

I saw a special offer/deal, 32%, 40%

I had been drinking alcohol, 9%, 3%

After a good day at work, 8%, 5%

Social pressure to have the latest item, 4%, 2%