Guilt costs £736m
Tuesday, 17 October 2006 12:00
Buying presents at the last minute to ease a guilty conscience costs Britons £736 million a year, new figures show.
On average Britons spend £121.26 on a birthday present for their loved ones - but the longer they wait to buy, the more they end up spending, data from Lloyds TSB Premier American Express Credit Card finds.
Waiting until the last day sees Britons spend 13 per cent more, while people forgetting entirely spend 14 per cent more on average as guilt sees them buy ever-more expensive items.
Men seem to panic over-spend more than women, with the average male guilt-gift costing £148 - 15 per cent more than if they had planned ahead.
Women overspend by less, with the average woman buying a last-minute present spending 11 per cent more than usual at £125.78.
"Life can be stressful and leaving things to the last minute can not only make you feel guilty but cost you a lot more money as you try to rebuild your tarnished reputation," said Colin Walsh, Lloyds TSB credit card director.
But people do not just spend extra on last-minute or late birthday presents, more than one person in four has spent money on a present for someone they have let down in another way - such as by missing a dinner with friends or family.
Gladeana McMahon, one of the UK's leading life coaches, commented: "Forgetting a special occasion like a birthday or anniversary often leads to feelings of guilt because we believe that we have behaved badly and let someone down.
"Quite often, it's tempting to try and put things right by overcompensating - perhaps by spending more money. In some cases, people try and avoid the person they feel they have neglected or wronged.
"Neither of these two responses are very helpful as one adds financial stress and the other spoils relationships."
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