With each New Year comes New Year resolutions, but research reveals consumers in Scotland are splashing cash on new goals they are likely to give up on before the end of January.
Keen to stay positive and make a change in the New Year after a turbulent 2016, the majority (86 per cent) have made a resolution for 2017.
Yet a new study from TopCashback.co.uk, the UK’s most generous cashback shopping site, finds that despite the best intentions nearly all (95 per cent) of people in Scotland have failed in their New Year endeavours in previous years. A fifth (20 per cent) have given up by the end of January, 16 per cent have thrown in the towel by February and 18 per cent have admitted defeat by March.
However, those in Scotland are committing to spend, on average, £121 each month on their new resolutions at the start of January. From gym memberships and personal trainers to language courses, consumers are signing up to services to help them succeed in their resolutions only to find they are stuck with the cost when they give up months later.
The majority (65 per cent) of people in Scotland make a New Year resolution because they want to change something, 37 per cent want to break a bad habit and nearly a quarter (23 per cent) simply use the tradition as motivation. And it may be for this reason that despite quitting early, 69 per cent think the money they spend on New Year resolutions is worth it.
Natasha Rachel Smith, Consumers Affairs Editor for TopCashback.co.uk, said: “New Year resolutions can be great for motivation when people are looking to make a change. But it is also important to keep an eye on finances and not let costs get away from you to ensure looking after the pennies doesn’t become a resolution for the next year.
“Consumers should think carefully about the goals they have set and whether they really need to spend money to achieve them. For example if one is looking to increase their fitness levels they could try running or buying some weights for the home before committing to a gym membership. That way, if one does give-up early into the year, they don’t have to battle with redundant monthly costs. Looking for discounts, voucher codes and cashback deals for things such as diet plans, travelling and credit reports can also help with keeping the cost of New Year resolutions down”