In this week's Life & Wellbeing Tutor sessions, we discussed the effects of 'impulse buying.' According to a report from The Independent, the average Brit spends approximately £144,000 over their lifetime on impulse purchases, with sweets and chocolates being the most common, followed by clothes and takeaways. Students have explored the various tactics used by shops and online retailers to encourage unnecessary purchases, such as placing items in brightly lit, eye-level displays or offering limited-time deals to create urgency and drive sales.

UK Savings Week is held annually in the third week of September. The awareness week, is an annual event designed to encourage people across the UK to take charge of their finances by focusing on saving. Whether it's for an emergency, a specific goal, or retirement, this week serves as a reminder to prioritise regular saving. The initiative aims to raise awareness about the benefits of saving, provide practical advice for getting started or increasing savings, and spark a nationwide conversation about financial wellbeing.

Impulse buying (along with many other financial challenges), can negatively impact monetary stability by leading to unnecessary and unplanned spending. It often results in purchasing items that may not be needed, causing strain on budgets and potentially leading to debt. By carefully considering or avoiding impulse buying, individuals can make more thoughtful spending decisions and improve their financial wellbeing. Our students have been exploring the impact of this and how they may consider their savings now or in the future. 

We encourage parents to continue the conversation at home. 

We hope you might find the following links useful and supportive.

How to help children save money: https://www.moneyhelper.org.uk/en/family-and-care/talk-money/how-to-talk-to-your-children-about-money 

UK Saving Week: https://uksavingsweek.co.uk/