Money being wasted on unwanted gadgets
Published On 25 November 2007
Brits are spending an astounding £23 billion on unwanted items and electrical gadgets, a new survey has found.Research by the independent personal finance website Fool.co.uk found that the average person was now hoarding £375 worth of technology that was left to collect dust.
The study also found that nearly one in five people were upgrading their gadgets less than two years after the original purchase.
Televisions and mobile phones were the most common gizmos to be left dormant, with nearly half the population owning a redundant TV and a third of Brits keeping a mobile for no apparent purpose.
David Kuo, head of personal finance at Fool.co.uk, highlighted that although many gadgets depreciate within months, there were some products that hold their value longer than others.
He advised: "Often it can be better to bide your time until the euphoria surrounding the next must-have gadget dies down."
Meanwhile, according to the latest study by bank First Direct, the UK spends a staggering £74 billion on the latest gizmos, with products spanning from mobile phones to computers.
