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.

The research also found that Gen Z has been the worst hit by the effects of rising costs, with 88% of 18–24-year-olds overspending each month compared to just 31% of those aged 55 and above. Almost seven in 10 people in this generation are relying on friends and family or credit cards to fund their spending. 

At a time when the Money and Pensions Service is reporting that over 8 million people in the UK need debt advice and charities have found that the average cost for childcare over summer holidays exceeds £1,000 per child, it’s clear that all generations are feeling the impact of high costs and debt at the moment. And, with today’s announcement that inflation has risen from 2% to 2.2%, it seems that higher costs will be the norm for a while longer. 

Images: Getty