{"id":939,"date":"2023-02-20T11:15:15","date_gmt":"2023-02-20T11:15:15","guid":{"rendered":"https:\/\/www.redstareducation.co.uk\/blog\/?p=939"},"modified":"2023-02-20T11:15:15","modified_gmt":"2023-02-20T11:15:15","slug":"a-culture-of-overspending-in-the-uk","status":"publish","type":"post","link":"https:\/\/www.redstareducation.co.uk\/blog\/a-culture-of-overspending-in-the-uk\/","title":{"rendered":"A Culture of Overspending in the UK"},"content":{"rendered":"<p style=\"font-weight: 400;\">Many people spend beyond their budget every now and again, but has there now become a culture of overspending in the UK?<\/p>\n<h2 style=\"font-weight: 400;\">Overspending and Mental Health<\/h2>\n<p style=\"font-weight: 400;\">A <a href=\"https:\/\/mitsloan.mit.edu\/press\/mit-sloan-study-shows-credit-cards-act-to-step-gas-to-increase-spending\">study conducted<\/a> by Massachusetts Institute of Technology (MIT) found that credit card spending triggers a chemical reaction in our brains like addictive drugs.<\/p>\n<p style=\"font-weight: 400;\">If we consider how many people turn to drug and alcohol abuse as coping mechanisms for poor mental health, it\u2019s easy to see how many could also turn to overspending.<\/p>\n<p style=\"font-weight: 400;\">We have previously discussed how <a href=\"https:\/\/www.redstareducation.co.uk\/blog\/how-mental-health-issues-can-impact-your-finances\/\">mental health issues can impact our finances<\/a>, supported by data from the Money and Mental Health Policy Institute wherein 46% of those in problem debt also had mental health problems. Debt is a common result of overspending, so the link between mental health and overspending is clear here.<\/p>\n<h2 style=\"font-weight: 400;\">Social Pressures<\/h2>\n<p style=\"font-weight: 400;\">Many may turn to overspending to \u2018keep up appearances\u2019 to those around them. These social pressures have likely increased in recent years due to the boom of social media sites like Instagram, which are focussed around status, looks, and projecting an image of yourself which is not necessarily accurate.<\/p>\n<h2 style=\"font-weight: 400;\">Cost of Living Crisis<\/h2>\n<p style=\"font-weight: 400;\">According to the <a href=\"https:\/\/themoneycharity.org.uk\/the-money-stats-august-2022-consumer-spending-patterns-in-upheaval\/\">August 2022 Money Statistics<\/a> produced by The Money Charity, 89% of the UK reported an increase in their living costs.<\/p>\n<p style=\"font-weight: 400;\">The cost-of-living crisis is an ongoing issue that is having financial effects on almost all of us. With continued inflation, combined with a lack of wage increases to keep pace, it can be difficult to avoid overspending.<\/p>\n<h2 style=\"font-weight: 400;\">Opportunity\u2026<\/h2>\n<p style=\"font-weight: 400;\"><a href=\"https:\/\/www.redstareducation.co.uk\/blog\/the-pros-and-cons-of-credit-cards\/\">Credit cards<\/a>\u00a0 and <a href=\"https:\/\/www.redstareducation.co.uk\/blog\/the-dangers-of-buy-now-pay-later-purchases\/\">Buy Now Pay Later<\/a> financing are all around us. They don\u2019t exist in the shadows either, rather they are heavily advertised.<\/p>\n<p style=\"font-weight: 400;\">These forms of credit are exacerbating the issue of people spending beyond their means. They encourage overspending by enabling it and advertising it.<\/p>\n<p style=\"font-weight: 400;\">It\u2019s difficult to buy something online now without seeing companies like Klarna and LayBuy as a payment option. Spending money that we don\u2019t have now seems natural and has been continuously normalised with the rise of these types of companies.<\/p>\n<h2 style=\"font-weight: 400;\">Lack of Budgeting<\/h2>\n<p style=\"font-weight: 400;\">Some people may overspend due to a lack of awareness that they\u2019re doing so. Once again, if we consider the cost-of-living crisis, many people who had a budget that worked for them before price increases, will no longer see it working.<\/p>\n<p style=\"font-weight: 400;\">Budgeting is a huge thing we like to talk about at Red Star, and we do have previous blogs discussing its <a href=\"https:\/\/www.redstareducation.co.uk\/blog\/the-benefits-of-budgeting\/\">benefits<\/a>\u00a0and how we can <a href=\"https:\/\/www.redstareducation.co.uk\/blog\/how-to-effectively-budget\/\">effectively budget<\/a>.<\/p>\n<p>&nbsp;<\/p>\n<h3 style=\"font-weight: 400;\">Overall, there does seem to be an overspending culture in the UK, but maybe it\u2019s time to break it!<\/h3>\n","protected":false},"excerpt":{"rendered":"<p>Many people spend beyond their budget every now and again, but has there now become a culture of overspending in the UK? Overspending and Mental Health A study conducted by Massachusetts Institute of Technology (MIT) found that credit card spending triggers a chemical reaction in our brains like addictive drugs. If we consider how many [&hellip;]<\/p>\n","protected":false},"author":7,"featured_media":641,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0},"categories":[1],"tags":[71,20,56,44,215,350,115,349,347,345,98,346,92,348],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v19.2 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>A Culture of Overspending in the UK - Red Star Education Blog<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.redstareducation.co.uk\/blog\/a-culture-of-overspending-in-the-uk\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"A Culture of Overspending in the UK - Red Star Education Blog\" \/>\n<meta property=\"og:description\" content=\"Many people spend beyond their budget every now and again, but has there now become a culture of overspending in the UK? Overspending and Mental Health A study conducted by Massachusetts Institute of Technology (MIT) found that credit card spending triggers a chemical reaction in our brains like addictive drugs. If we consider how many [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.redstareducation.co.uk\/blog\/a-culture-of-overspending-in-the-uk\/\" \/>\n<meta property=\"og:site_name\" content=\"Red Star Education Blog\" \/>\n<meta property=\"article:published_time\" content=\"2023-02-20T11:15:15+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.redstareducation.co.uk\/blog\/wp-content\/uploads\/receipt-rse-scaled.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"2560\" \/>\n\t<meta property=\"og:image:height\" content=\"1707\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Lydia Beck\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Lydia Beck\" \/>\n\t<meta name=\"twitter:label2\" content=\"Estimated reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.redstareducation.co.uk\/blog\/#website\",\"url\":\"https:\/\/www.redstareducation.co.uk\/blog\/\",\"name\":\"Red Star Education Blog\",\"description\":\"Just another WordPress site\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.redstareducation.co.uk\/blog\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-GB\"},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-GB\",\"@id\":\"https:\/\/www.redstareducation.co.uk\/blog\/a-culture-of-overspending-in-the-uk\/#primaryimage\",\"url\":\"https:\/\/www.redstareducation.co.uk\/blog\/wp-content\/uploads\/receipt-rse-scaled.jpg\",\"contentUrl\":\"https:\/\/www.redstareducation.co.uk\/blog\/wp-content\/uploads\/receipt-rse-scaled.jpg\",\"width\":2560,\"height\":1707},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.redstareducation.co.uk\/blog\/a-culture-of-overspending-in-the-uk\/#webpage\",\"url\":\"https:\/\/www.redstareducation.co.uk\/blog\/a-culture-of-overspending-in-the-uk\/\",\"name\":\"A Culture of Overspending in the UK - Red Star Education Blog\",\"isPartOf\":{\"@id\":\"https:\/\/www.redstareducation.co.uk\/blog\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.redstareducation.co.uk\/blog\/a-culture-of-overspending-in-the-uk\/#primaryimage\"},\"datePublished\":\"2023-02-20T11:15:15+00:00\",\"dateModified\":\"2023-02-20T11:15:15+00:00\",\"author\":{\"@id\":\"https:\/\/www.redstareducation.co.uk\/blog\/#\/schema\/person\/9bd136025162710bfe4a1e08e244c9f3\"},\"breadcrumb\":{\"@id\":\"https:\/\/www.redstareducation.co.uk\/blog\/a-culture-of-overspending-in-the-uk\/#breadcrumb\"},\"inLanguage\":\"en-GB\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.redstareducation.co.uk\/blog\/a-culture-of-overspending-in-the-uk\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.redstareducation.co.uk\/blog\/a-culture-of-overspending-in-the-uk\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Blog Home\",\"item\":\"https:\/\/www.redstareducation.co.uk\/blog\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"A Culture of Overspending in the UK\"}]},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.redstareducation.co.uk\/blog\/#\/schema\/person\/9bd136025162710bfe4a1e08e244c9f3\",\"name\":\"Lydia Beck\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-GB\",\"@id\":\"https:\/\/www.redstareducation.co.uk\/blog\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/b3199b9ade4fd75b8728537c648cb298?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/b3199b9ade4fd75b8728537c648cb298?s=96&d=mm&r=g\",\"caption\":\"Lydia Beck\"},\"url\":\"https:\/\/www.redstareducation.co.uk\/blog\/author\/lydiaredstaredu\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"A Culture of Overspending in the UK - Red Star Education Blog","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.redstareducation.co.uk\/blog\/a-culture-of-overspending-in-the-uk\/","og_locale":"en_GB","og_type":"article","og_title":"A Culture of Overspending in the UK - Red Star Education Blog","og_description":"Many people spend beyond their budget every now and again, but has there now become a culture of overspending in the UK? Overspending and Mental Health A study conducted by Massachusetts Institute of Technology (MIT) found that credit card spending triggers a chemical reaction in our brains like addictive drugs. If we consider how many [&hellip;]","og_url":"https:\/\/www.redstareducation.co.uk\/blog\/a-culture-of-overspending-in-the-uk\/","og_site_name":"Red Star Education Blog","article_published_time":"2023-02-20T11:15:15+00:00","og_image":[{"width":2560,"height":1707,"url":"https:\/\/www.redstareducation.co.uk\/blog\/wp-content\/uploads\/receipt-rse-scaled.jpg","type":"image\/jpeg"}],"author":"Lydia Beck","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Lydia Beck","Estimated reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebSite","@id":"https:\/\/www.redstareducation.co.uk\/blog\/#website","url":"https:\/\/www.redstareducation.co.uk\/blog\/","name":"Red Star Education Blog","description":"Just another WordPress site","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.redstareducation.co.uk\/blog\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-GB"},{"@type":"ImageObject","inLanguage":"en-GB","@id":"https:\/\/www.redstareducation.co.uk\/blog\/a-culture-of-overspending-in-the-uk\/#primaryimage","url":"https:\/\/www.redstareducation.co.uk\/blog\/wp-content\/uploads\/receipt-rse-scaled.jpg","contentUrl":"https:\/\/www.redstareducation.co.uk\/blog\/wp-content\/uploads\/receipt-rse-scaled.jpg","width":2560,"height":1707},{"@type":"WebPage","@id":"https:\/\/www.redstareducation.co.uk\/blog\/a-culture-of-overspending-in-the-uk\/#webpage","url":"https:\/\/www.redstareducation.co.uk\/blog\/a-culture-of-overspending-in-the-uk\/","name":"A Culture of Overspending in the UK - Red Star Education Blog","isPartOf":{"@id":"https:\/\/www.redstareducation.co.uk\/blog\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.redstareducation.co.uk\/blog\/a-culture-of-overspending-in-the-uk\/#primaryimage"},"datePublished":"2023-02-20T11:15:15+00:00","dateModified":"2023-02-20T11:15:15+00:00","author":{"@id":"https:\/\/www.redstareducation.co.uk\/blog\/#\/schema\/person\/9bd136025162710bfe4a1e08e244c9f3"},"breadcrumb":{"@id":"https:\/\/www.redstareducation.co.uk\/blog\/a-culture-of-overspending-in-the-uk\/#breadcrumb"},"inLanguage":"en-GB","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.redstareducation.co.uk\/blog\/a-culture-of-overspending-in-the-uk\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/www.redstareducation.co.uk\/blog\/a-culture-of-overspending-in-the-uk\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Blog Home","item":"https:\/\/www.redstareducation.co.uk\/blog\/"},{"@type":"ListItem","position":2,"name":"A Culture of Overspending in the UK"}]},{"@type":"Person","@id":"https:\/\/www.redstareducation.co.uk\/blog\/#\/schema\/person\/9bd136025162710bfe4a1e08e244c9f3","name":"Lydia Beck","image":{"@type":"ImageObject","inLanguage":"en-GB","@id":"https:\/\/www.redstareducation.co.uk\/blog\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/b3199b9ade4fd75b8728537c648cb298?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/b3199b9ade4fd75b8728537c648cb298?s=96&d=mm&r=g","caption":"Lydia Beck"},"url":"https:\/\/www.redstareducation.co.uk\/blog\/author\/lydiaredstaredu\/"}]}},"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/www.redstareducation.co.uk\/blog\/wp-json\/wp\/v2\/posts\/939"}],"collection":[{"href":"https:\/\/www.redstareducation.co.uk\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.redstareducation.co.uk\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.redstareducation.co.uk\/blog\/wp-json\/wp\/v2\/users\/7"}],"replies":[{"embeddable":true,"href":"https:\/\/www.redstareducation.co.uk\/blog\/wp-json\/wp\/v2\/comments?post=939"}],"version-history":[{"count":4,"href":"https:\/\/www.redstareducation.co.uk\/blog\/wp-json\/wp\/v2\/posts\/939\/revisions"}],"predecessor-version":[{"id":943,"href":"https:\/\/www.redstareducation.co.uk\/blog\/wp-json\/wp\/v2\/posts\/939\/revisions\/943"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.redstareducation.co.uk\/blog\/wp-json\/wp\/v2\/media\/641"}],"wp:attachment":[{"href":"https:\/\/www.redstareducation.co.uk\/blog\/wp-json\/wp\/v2\/media?parent=939"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.redstareducation.co.uk\/blog\/wp-json\/wp\/v2\/categories?post=939"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.redstareducation.co.uk\/blog\/wp-json\/wp\/v2\/tags?post=939"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}