Recently, Insider Magazine released this article revealing how much money American’s spent last year whilst drunk. (Spoiler: it was $40 billion. Billion. That’s more than the entire GDP of Bahrain.) The Brits came in at a much more modest (but still whopping) £4.46 billion spent on drunk purchases.
These figures got us thinking.
How much are our nights out really costing us?
Who’s going out?
Results from the Deltic Night Index report March 2019 show that the British are a sociable lot, with 58.1% going out at least once a week. On average, those between 22 and 25 years of age go out the most often, at 1.77 days a week whilst a whopping 71.3% of 18-21 year olds go out at least once a week. Results also showed that women are more likely to stay home than men.
Unsurprisingly, for the country’s largest city, Londoners are most likely to have a night out, with 62.8% going out at least once a week.
Where’s our cash going when we’re out?
According to the Deltic Night Index report, the average cost of a night out in the UK is currently £68.68. Two of the most expensive nights out in the UK are in London (surprise, surprise) at an average cost of £72.66, and Glasgow, at an average cost of £73.85. Amongst the cheapest are Liverpool, at £61.09 and Bristol at £63.67.
The average breakdown of costs are laid out below.
- Entry fees: £12.02
- Transport: £12.02
- Drinks (at the venue): £19.25
- Drinks (pre-drinking): £11.31
- Food: £16.20
Let’s do the math
If the average cost of a night out is currently running at £68.68 then if you are between 22 and 25 (with an average of 1.77 nights out a week) then over the course of a year you are spending an average of
£6,321 a year on nights out.
In August 2018, figures from Monster showed that the average salary in the UK was £25,303 for women, and £30,524 for men.
This means that if you are a man you are spending 20% of your annual salary on nights out. If you are a woman that number shoots up to almost 25% - one quarter of your annual salary.
For those not in the 22-25 age group the figures are still staggering.
If over 58% of Brits go out once a week that means that they are spending £3,571 a year on nights out. Over a thirty-five year span (the number of years you need to make NI contributions before you can draw a pension) that adds up to over £124,000.
If you take that money and learn to save and invest it, you could be taking active steps to significantly growing your future wealth, instead of depleting it.