Third of young people overspend

A third of young people admit they have overspent on a night out after getting drunk, research showed today.

Around 34% of 18 to 24-year-olds said they spent more than they planned to after having a few drinks, according to insolvency trade body R3.

A quarter of people said they ended up buying food or having a meal out which they had not planned, while 20% bought more expensive drinks than usual, such as cocktails or champagne.

A further 18% of young people said they did not care about money once they had had a few drinks, and 17% withdrew more cash than they would have done if they were sober.

Around 13% admitted they did not have any idea how much they had spent when they woke up the next morning, while 5% said they found receipts for things they did not remember buying.

The research also found that young people were more likely to have overspent on a night out than other age groups, with only one in five people of all ages saying this was something they had done.

People who were struggling with debt were also more likely to spend more than they planned on a night out than those whose finances were in order.

Peter Sargent, president of R3, said: "In the run up to Christmas, 'drink spending' can have long-term consequences on your finances, however harmless it seems at the time.

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