‘Going Out’ Costs Rise By 12% On Average In 2 Years, Research Reveals

The cost of ‘going out’ has increased by 12% on average over the last 2 years. That’s according to new research from personal finance experts at Confused.com.

Due to increasing costs, Brits have had to be more frugal with their finances. Eating out (41%), nights out (31%), and drinking in pubs (28%) top the list for what people are cutting back on to save money.

The research found that on average, people are spending £489 combined on socialising costs when they go out.

The cost of living has been an ongoing struggle for many across the UK, and the situation is not improving. Due to this, more people are having to cut back on social plans to keep up with everyday financial demands.

The research reveals more than three quarters (77%) of Brits have been hit by the rising costs of going out socially over the last 2 years.

As a result, over a third (36%) of Brits are going out less than they were a year ago due to the increasing costs of socialising.

The research highlights how much people are spending on certain social activities, and it’s clear that costs are creeping up across the country.

Going out socially can cause financial pressure. Wanting to keep up with plans but costs getting in the way is a hard reality for many. Consequently, half (50%) of Brits admit to declining an invitation because of the high cost of the event.

And in places like London, with a higher average cost of living, the cost of going out is having a harsh impact. More than 6 in 10 (63%) Londoners are having to decline social invitations because of the cost.

And not attending events and forfeiting plans can strain some relationships. That’s as nearly a fifth (19%) feel out of touch with their loved ones, friends, family, and partners, by cutting back on social plans.

The research highlights how prices have increased over the last 2 years in local areas across the UK. Music events (16%), restaurant food (15%), and sports event tickets (14%) have seen the biggest average increase in this timeframe.

Going out for food has proved to be a big financial strain. That’s why 39% are making food at home to save money, while nearly a quarter (23%) don’t eat out at all as a way to save money.

To keep up with the increasing costs of social plans, Brits are now setting money aside each month towards them. On average, people are putting £31 aside monthly for the cost of social events. Equating to £372 a year, having funds to fall back on enables people to attend more social plans.

But this differs by region, depending on the average cost of the area. Londonders were found to be saving the most on average towards social plans at £46 a month. That’s compared to people in Wales saving £19 a month.

Yet for some, even setting money aside each month doesn’t help cover the increasing costs of going out. A third (33%) only attend social events for special occasions like birthdays due to the costs.

Certain activities are also taking a hit due to costs. The research found that nearly half (46%) haven’t been on a night out or clubbing in the last year because of the extra expenses. And a further 35% haven’t been to a sports event in the last year for the same reason.

Due to increasing costs, more and more people are restricting their social outings. That’s as some are limiting themselves to going to music events (40%), restaurants (38%), and the cinema (37%) less than once a month.

Nicola Morgan, personal finance expert at Confused.com said: “The cost of living crisis has been a hard reality for many people across the UK. Fluctuating inflation rates, along with stagnant wages over the last few years, have proved to be a struggle for Brits.

“With balancing money being a priority for many across the country, it’s important to make sure your finances are used in the most effective way possible that suits your lifestyle, leaving room for you to enjoy your money where you can.

“Financial situations differ between people, so it’s important to find a method of saving that works for you and your lifestyle. Managing your spending and saving where you can certainly goes a long way and leaves more room for spending money on things you enjoy rather than just the essentials.”