As the school holidays come to a close, parents up and down the country are making sure they’ve bought enough stationery, school uniforms and so on ahead of another year of education for their children.
But as well as the essentials, there’s often a hidden cost. New research* (from Sainsbury’s Bank) has found that almost half (48%) of parents feel they need to spend money on items for their children based on peer pressure, such as the latest smartphones, the trendiest clothes or the biggest parties.
This can add £865 to the average annual family household outgoings – making nearly £6 billion in total across the UK.
What are the main ‘peer pressure’ costs? Not surprisingly, the desire to have the latest technology like phones or tablets tops the list (44%), with fashionable clothing (43%) and school trips/excursions (42%) next up.
The new iPhone SE officially goes on sale in the UK on 31st March, and marks a move to a smaller model, one that is designed to appeal to a broader range of customers. Intended as the new ’entry-level’ model, the 4-inch SE is actually the first one that isn’t a number.
Around half the population currently owns a smartphone, and the market is hugely competitive, with all sorts of attractive deals available.
But with expensive handsets on long contracts, providers need to be comfortable that you are going to make your monthly payments on time each month.
Trains full of commuters tapping away, diners sitting in silence staring at their screens – some may think smartphones are getting the better of us.
However, Experian research has found that one in three Britons (33 per cent) believe that paying with a smartphone will take over from credit and debit card payments as the preferred method of payment by 2020.*
While cash and card payments are still the dominant force now, the survey found that people think the next five years will see a major shift, with 67% saying that cash will decrease in popularity, while two in five (41 per cent) think the use of credit and debit cards will plummet. Continue reading →