And finally…Edinburgh outspends Glasgow on socialising

According to the bank’s statistics, the capital’s population will spend £180,119 over the course of their life time (17 per cent more than Glasgow) on social occasions like birthdays and nights out as well as holidays with friends.

While many might assume London is the most expensive city for socialising in the UK, it’s not as pricey as Leeds or Bristol. The survey of 2,000 UK adults found that residents in Leeds spend more than any other city in the UK, with locals forking out a whopping £213,000 on social occasions over the course of a lifetime. Edinburgh took the fourth spot while Glasgow ranked seventh for social spending.

Proving that Scottish savers don’t always consider the long-term impact of their social spending, almost half (48 per cent) said they either often or sometimes dip into their savings to finance their packed social calendars, while two-fifths of Scots (40 per cent) admit struggling to save money due to their love of socialising.

This may come as no surprise as the survey also revealed that 45 per cent of Scots regard being popular as important to them, particularly in Edinburgh (55 per cent) compared to 44 per cent in Glasgow and 34 per cent in Aberdeen.

Peer pressure appears to the main culprit which causes Scots to overspend at social functions, with a quarter of Scots (24 per cent) splashing the cash on friends to avoid looking stingy and 16 per cent spending above their means through “Fear of Missing Out” (FOMO).

Clare Francis, savings and investments director at Barclays, said: “This research demonstrates the impact that peer pressure and FOMO can have on people’s finances, particularly during this period of high inflation. But popularity doesn’t need to come at a cost.

“For anyone feeling under pressure to overspend, take the time to consider whether you’d rather be putting that money towards your long-term financial goals. True friends will be considerate when you say you can’t afford something, and there are always cheaper alternatives when it comes to having a good time. Voicing your concerns now could make a big difference to your finances in the long term, as there is no time like the present to start saving for your future.”