Making a Splash on the Streets: Updraft Recruit the UK’s First Financial Lifeguard to Help Brits’ Keep Budgets Afloat

Updraft’s latest campaign sends the UK’s first Financial Lifeguard poolside to spotlight how seasonal splurges can pull people into deeper credit card waters.

Updraft recruit the UK’s first Financial Lifeguard in latest campaign; ‘In Too Deep’

Updraft teamed up with Faizan Shah, to act as the UK’s very own Financial Lifeguard. Hitting the streets of Manchester, Faizan kept the public away from potential dangers, like slipping and falling into a beer garden, getting swept away by the after-work Aperols while the sun’s out, or accidentally stumbling into the summer sales.

As part of the campaign, dripping in Updraft’s lifeguard gear, Faizan quizzed the public on what’s sending them into the deep end, budget-wise – admitting that after-work drinks, Ubers, food and keeping up with the latest fashion trends have pushed them over budget this summer.

Updraft deployed their Financial Lifeguard in response to their striking new research revealing that summer overspending is rife in the UK, often rolling over into growing credit card balances.

Updraft reveal summer spending is plunging the UK into credit card debt

Updraft surveyed 2,002 nationally-representative Brits, to see how credit card debt fares particularly in the summer months. The data uncovered that the average person is expected to rack up £1,641 in credit card debt this summer, up 20% from last year.

The study by the regulated FCA-authorised lender also revealed 25–34-year-olds are the biggest summer spenders (over £2,100 on average by the end of this summer).

Between the 2,002 survey participants, they have already clocked up over £1.55 million in credit debt this summer – and summer isn’t over yet.

If balances aren’t cleared in full, interest could see the average reach around £1,846 per person by Christmas.

The psychology of summer spending

Updraft quizzed an additional 274 people who had sought loans for their credit card debt about their summer spending habits, the extended study revealed the majority (58%) say summer itself was the reason for their overspending.

Nearly half (48%) claim to still be paying off last summer’s purchases on their credit cards, and over 80% exceeded the 56-day grace period, meaning the interest is already piling on.

Updraft’s research revealed that the main influence that makes people compelled to spend in the summer months is good weather: which 62% of people said made them want to “make the most of it”.

Updraft have named this phenomenon “The BOAR effect”, where BOAR stands for Brits Overspending on Atypical Sunshine.

Updraft partnered with Dr. Pavlo Kanellaki, a chartered member of the British Psychological to find out more about the psychology behind summer spending:

“Summer could create what we call ‘seasonal optimism bias’ – people may feel more positive about the future, so they could be more willing to spend money they haven’t earned yet. It’s not a character flaw; research suggests it could be related to brain chemistry changes. Summer may make us think somewhat differently, in ways that could make us more optimistic, more social, and potentially more willing to take financial risks.”

Updraft create ‘poolside rules’ to help Brits control their spending this summer

As part of the campaign, the financial planning and lending site created Updraft’s Budget Buoy: a set of 10 poolside rules for navigating summer spending. From the 24-hour rule for big purchases, to our “No Towel-Hogging Your Future Self” philosophy, each tip is designed to keep Brits grounded when their budget starts drifting.

Whether it’s applying your budget like sunscreen (generously and often) or learning when to say no to cannonball commitments, Updraft’s Budget Buoy is a flotation device when financial pressure rises.

Aseem Munshi, Founder of Updraft commented on their campaign: “At Updraft, we believe money matters should feel less heavy. Our research showed summer can be a hot spot for overspending, so we made a splash with a campaign to get people talking.

“In Too Deep is our way of shining a light on the little temptations that can make summer spending spiral. Recruiting the UK’s first Financial Lifeguard was the perfect way to dive into the classic summer splurges – beer gardens, sunshine shopping and everything in between – that can trip up even the best of budgets. It’s a reminder that without the right tools in place, those light-hearted moments can sometimes leave a heavier mark on your finances.”

Read more about how Updraft and their Financial Lifeguards are trying to put a stop to summer overspending here. More images of Faizan and Updraft’s rules for overspending are here.