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People 'spending too much on expensive clothes'

Many people are indulging in expensive clothes when they cannot afford them, according to new research.

Figures from Prudential showed that more than two-thirds of those without a steady income have bought clothes and forgotten about them.

In addition, 14 per cent of people not in paid employment were found to own up to £500 worth of clothes, while another five per cent of unemployed people have at least £5,000 worth in their wardrobes.

Phil Southgate, from Prudential Home Insurance, expressed concern at the figures, since the average Briton is in £27,455 worth of debt.

He said: "Many are still prepared to spend on fashion regardless of whether they have a steady income.

"The increasing popularity of low-cost clothing shops means that people are encouraged to spend money on a regular basis with the growing trend for disposable clothing."

Mr Southgate added that he was amazed at how many people fail to insure the contents of their wardrobes, as one in five people own up to three expensive designer items.

This comes after Halifax Credit Cards reported a 21 per cent rise in the amount spent on clothes in the last decade.

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19/02/2007 16:52:39

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