Benefits of financial planning for music lovers

Wednesday, October 19, 2005

New research into people's music buying habits has led to a reminder of the benefits of financial planning.

Prudential, the financial services group, found that the average person spends over £20,000 in a lifetime on music and music-related products.

The research has prompted the company to stress the need for sound financial planning: "I wonder if people take this [music expenses] into account when they plan their finances," said Roger Ramsden, director of PruLab and marketing.

"My suspicion is that they don’t because it is not seen as one of the big set-costs like a mortgage or bills or food."

He added: "A good financial plan should also take into account the 'extra' things – like music and entertainment – so you are not taken by surprise at the end of each month."

The area the survey found spent most on music and music related products was Scotland, with a total of £23,505.12 on average in a working lifetime.

The importance of financial planning is often stressed at this time of year to students who, a recent survey found, often grossly underestimate the amount of money they will spend at university.