A recent report published in scientific Journal The Lancet, exposed that British women are amongst the top drinkers in the world.
Whilst alcohol consumption rates may be dropping in the younger generations, it is the 45-64 female age group who are consuming the most, with those who have a university degree being twice as likely to engage in excessive weekly drinking.
The report highlighted the diminishing difference between units consumed between men and women. With recent reports noting the troubling trend for women to turn to alcohol as a means of coping with the stresses of family and work and the increased marketing of ‘female-friendly’ alcoholic drinks, it would appear that increasing numbers of women are falling foul of the ‘wine o’clock’ curse. As we previously addressed, excessive alcohol consumption can have a detrimental effect on your finances. Here, we look at some of the more covert ways it can impact you financially and offer advice on how best to avoid them.
Excessive drinking can both lead to debt and be an attempt to hide or escape from existing financial problems. The World Bank states that those who are chronic alcoholics are more prone to make poor financial spending choices. However, we don’t have to be classified as alcoholics to make poor financial decisions when drinking. Studies show that the ‘beer goggle’ effect is prevalent in those who shop when drunk, with a survey by Finder discovering that UK adults spend an average of £291.07 when under the influence of alcohol. Whilst amusing Amazon purchases may bring a smile and be returned once sober, being completely out of control of your spending could potentially lead to greater financially destructive habits.
Whilst most of us wouldn’t dream of drinking during working hours, excessive drinking in the evenings can have a negative impact on our work productivity. Alcohol can lead to higher levels of absenteeism, longer working days, a drop in productivity , poor colleague relationships and may, ultimately, lead to dismissal- all detrimental to your financial stability. With studies showing that those in managerial roles are more likely to drink and levels of alcohol consumption being highest in those earning upwards of £40,000, it’s clear that no one is immune to the impact. If you’re finding your work is suffering as a result of alcohol consumption, contact your companies HR department, your union or a support organisation for further advice.
We all know the devastating effects alcoholism can have on families, but those who are classified as ‘steady drinkers’ may also be putting their relationships under strain. Social media has somewhat normalised the ‘glass of wine and a bath’ reward culture amongst women. Unfortunately, this can lead to a reliance on alcohol as being the solution to resolving family problems and concerns, rather than talking it out. Rather than turn to the bottle to relieve frustrations, try confronting the issues full on. If you’re stressed, tired or overworked, have a frank discussion with your partner about how they can help. Children are a joy but stressful in equal measures. Arrange family meetings to nip issues in the bud. By addressing these issues before they escalate, you may be able to resolve issues before they lead to relationship breakdowns and the emotional and financial devastation this can bring.
If you’re concerned about yourself or a loved ones drinking then seek help. It may cause upset or fall out at first but, in the long run, addressing the issue before it turns into a more unmanageable beast will ultimately lead to a healthier and happier physical, personal and financial outcome for all.