There’s no denying that summer is an expensive time. Whether you’re booking festival tickets, going on holiday or have children to keep entertained over the school holidays, the summer months can quickly become one of the most expensive periods of the year.

That’s certainly what new research by RiseUp, a financial wellbeing service, has found. According to the platform, 60% of people in the UK are either overspending or borrowing money each month at the moment, with rising costs proving to be a huge factor. To try to keep spending under control, over six in 10 people are relying on credit cards to make purchases.

60% of people in the UK are overspending or borrowing money every month, according to new research