Britain facing FOMO epidemic

Brits are expected to spend tens of thousands of pounds because of FOMO, or the Fear of Missing Out, according to new research. The study was carried out by Broadbandchoices, examining the nation’s spending habits and how the fear of missing something spectacular can lead to us spending more than we really should.

42% admitted they regularly struggle with FOMO when it comes to social lives, the places they have not yet visited and the material things they do not have, with women often being the bigger culprits. 45% of women confessed that they’ll spend more to avoid FOMO, while 37% of men would do the same.

A desperate need to not miss out leads to the average Brit spending £353 a year on things they did didn’t really want to do in the first place, but felt pressured into. Overall, 37% of Brits feel jealous if their friends are having a night out without them, while 30% feel envious if a friend has landed a good deal on something in a sale.

The study showed that we spend £3,276 in an adult lifetime on nights out that we do not really want to go on, £3,087 on clothes we only bought because someone else was wearing them, £2,772 on stag and hen dos we actually dread – but are too scared of missing out to turn down the invite, according to the poll, and around £3,000 on visiting new bars and restaurants they’ve seen on social media. All-in-all, the average Brit will end up spending around £22,270 in their life to avoid FOMO, but is it always worth it?

“Weigh up the toll – physically and financially – of attending drinks and parties and events out of duty, rather than genuine will to be there and that will give you more cash to do things, and buy things, that you actually want,” said Vix Leyton, consumer expert at Broadbandchoices. “When it comes to nights out and weekends away, if you’re too short to play, speak out.

“It’s easy to get wrapped up in the excitement of a big sales event like Black Friday, especially with the onslaught of advertising and publicity around it. However, particularly in the run up to Christmas, it’s important to exercise restraint and keep your spending to what you really need, and avoid buying something purely for the need to take part.”

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