“This is such a good deal! Of course I should get a new Shark vacuum (even though the one I currently have still works great.)”
Does this sound familiar? Is your inbox currently flooded with hard-to-resist bargains? (We know the feeling!).
We found that UK adults say they’ll be spending £220* this Black Friday. But almost half (44%) of UK adults have invested less than £50 in the past 12 months. Why is this significant? Because nearly half of UK (45%) adults say they aren’t sure they’ll have the money to meet their future dreams.
Our research highlights an eternal balancing act – the tension between instant gratification and funding long-term financial security (aka YOLO vs save and invest):
- Almost a quarter of Brits (24%) admitted to spending more than planned during Black Friday and Christmas shopping events. 82% of people will spend £50 or more on Black Friday sales this week, with 22% spending £100-£249.
- Meanwhile, almost half (44%) of UK adults have invested less than £50 in the past 12 months, signalling a missed opportunity to fund their future goals.
- Almost half (46%) of UK adults expressed concern about not having the funds to meet their long-term dreams, such as being mortgage free (32%), living comfortably (69%), or supporting their children and grandchildren (33%).
- One in 10 (11%) Brits say they feel overwhelmed about managing their money.
This doesn’t have to be the case for you.
Tom Francis, Head of Digital Advice at Octopus Money, shares his top tips for navigating Black Friday:
- Pause and prioritise: Before you click ‘add to basket’, ask yourself: does this purchase align with your goals? A little pause can go a long way in avoiding regret later. Write down your top priorities, whether it’s saving for a home, a holiday, or future security, and check if this spend helps or hinders those ambitions.
- Consider pre-loved: A great way to still get your hands on a coveted item, whilst also sticking with your plan is to search for the item pre-loved. More often than not you can find unused or undamaged items for a fraction of the price, which means you’ll be able to treat yourself AND invest your money at the same time.
- Set a spending limit: Decide in advance how much you’re willing to spend and stick to it. Black Friday deals can be tempting, but they’re only worth it if they fit into your overall financial plan. Avoid the trap of spending more than planned just because it’s a ‘good deal.’ A clear limit helps you stay in control and avoid post-purchase regret.
- Think value, not price: It’s easy to focus on the discount, but true value lies in how much a purchase benefits your life. Will it be something you use and appreciate in the long run? The best deals are the ones that bring you close to the future you want.
By following our top tips and taking a moment to really think about what’s important to you, you’ll be well on your way to staying on track for your financial future.
If you want to get a better idea of just how much of a difference holding off on that purchase that’s a want rather than a need will make, check out your potential future at blackfriday2044.com.
About the research:
Find Out Now surveyed 3,828 GB adults on the 20th November to produce a sample of 2,209 which is nationally representative by age, gender and region.
*With investing your capital is at risk. Your investments may go down as well as up, and you may get back less than the amount you invested.
