Bonuses burn holes in consumers' pockets
Published On 20 February 2007
Hard earned bonuses all too often go out the window, according to findings from Alliance and Leicester Savings.Eight out of ten Brits who receive a bonus have already decided how they'll spend it before it even hits their bank accounts.
Some 40 per cent of bonus recipients will splurge their bonus and spend it all without saving a penny and more than one in ten who don't usually save admit they would never dream of saving their bonus.
Ross Dalzell, manager for savings at Alliance & Leicester said: "It's amazing that all the hard work that goes into securing a bonus or pay rise can be spent in just an instant."
He added "While it is perfectly normal for people to want to treat themselves after receiving a hard-earned bonus, it would make sense to put at least some of it by in a savings account and not to blow it all on impulse purchases."
Four and a half million UK workers are expected to receive a cash bonus this year - the average bonus is £500.
