And finally…compulsive social media browsing costs young Scots £316m worth of savings a year

With the average 15 – 24-year-old in Scotland now checking their social media accounts an incredible 20 times a day, the research revealed that temptation is taking its toll. Almost half (45 per cent) of young Scots admitted that their bank balances would be in better shape if they weren’t constantly exposed to the latest celebrity and fashion trends served up in their social feeds and a third (34 per cent) confessed they would prefer to spend less than they currently do.

35 per cent of young adults in Scotland revealed they’ve bought items, gone on days out or visited places, from restaurants to holiday destinations, off the back of celebrities or influencers endorsing them on their feeds. This has led to a collective spend of £316m* a year (£502.08 each), with over a fifth of Scots admitting to sacrificing savings to fund their purchases.

However, whilst social media spending is on the increase, so is the demand for more advice and support on how to save money, with over half of those surveyed (53 per cent) saying that they would like to see this type of content on their news feeds.

To encourage a generation of savvy savers, Barclays has partnered with lifestyle influencer, Jasmine Cecilia Jonas, for advice on how you can keep up with the influencers without sacrificing saving for future:

Jasmine said: “It sounds simple, but my advice is to always spend within your means. It’s very easy to flick through an influencer’s feed and see a ‘dream lifestyle’ that you wish to lead too, but many people don’t realise that the majority of clothes, holidays and experiences that are displayed have actually been given as gifts.

“Although I too have moments of weakness where I splurge on clothes and other frivolities, I always try to see the bigger picture. A throwaway item may grant a moment of pleasure, but it’s no comparison to a house, a car or a holiday. Saving a little bit of money each month really does go a long way to achieving those longer-term goals and having that little bit of contingency money is essential.”

Clare Francis, savings and investments director at Barclays, said: “It’s easy to see why so many of us enjoy social media and, when you’re stuck on your morning commute, it can certainly provide a welcome distraction! However, it’s important to keep in mind that the influencers’ feeds you see are not real life and much of what you see will have been gifted for free. But trying to mirror it ourselves could come at a significant cost to our bank balances and future savings goals.

“While it may seem important to have the latest must-have items now, think about whether they’re worth the trade off with money you could be putting away for future goals, from going on holiday with your friends, to starting to build up that deposit for your first house.”