When it comes to fitness and spending money on our health, we all know the benefits. Yet, MyProtein reports that Americans could spend more on their health and fitness bill over the course of a lifetime, than a college education. It’s been well documented that fitness culture has boomed over the last decade, with trends thriving across so many consumer markets, think cookbooks, technology, fashion. It has also created so many new job opportunities for personal trainers, sports therapists, and fitness influencers. The industry was pegged the fastest growing business sector in the UK in 2018.
Fitness is in fashion, literally. The UK sportswear market is expected to grow 20.9% between 2018 and 2023 to an amazing £6.7billion. Currently, reports show that in 2019, the UK fitness market exceed a value of £5 billion, continuing to grow year on year. This highlights just how much consumers spend on this sector.
Today, every 1 in 7 people are a member of a gym. It’s great to see an increase in Britons prioritising their health and getting fitter, but at what cost? As the market is expected to increase so dramatically (and already has over recent years), we’re interested in whether there is a pressure to spend on fitness because of a developed culture. Here at Wizzcash, we want you to make the most out of your money and health. In this guide we look at the fitness culture and whether our society is over-spending. If you are looking to get fit, or struggling to save because of your gym bill, this might be the guide for you!
How Much Do Brits Spend On Fitness Culture
UK studies show that, on average, Brits spend £124 every month on health and fitness. 23% of that monthly spend is on gym memberships, whilst an incredible 24% is on new sports clothing, every single month. However, the biggest ongoing expenditure is supplements, equating to a monthly spend of almost £40. This kind of cost is interesting because it is consumable, which does indicate that the people who buy supplements, such as protein powders, are regularly going to the gym and that the money is not wasted. We recently wrote about the cost of unused subscriptions, including gym memberships. Amazingly, Which? reported that unused gym memberships could be costing you £500 per year. This kind of loss money could be harming your financial security, or at the very least, put to a better use.
Furthermore, other reports indicate that there are more redundant or unused gym memberships than active ones. Although this is fuelling the growth of the fitness industry, it’s not benefiting individual consumer’s financial circumstances.
The money spent on fitness culture and gym memberships is influenced by your salary, reports show. This is positive news, suggesting that those who earn more, up their game with their spend on workouts because they have more disposable income, whilst those who have a lower income (of around £20,000) only use the gym for an hour per week. This is less encouraging as it suggests that lower earners are not using the gym to it’s full potential and could benefit from alternative methods of keeping fit that could allow them to ditch the monthly membership bill.
The Cost Of Quitting The Gym
Amazingly, in 2017 a poll showed that £558,000,000 is wasted on rarely used gym memberships every year. This shows that it is worthwhile to quit the gym if you are not using your membership. Unfortunately, there is a popular opinion that it is a lot of hassle and will cost the individual money to break their contract with their gym, which encourages them to just forget about it and leave their account again next month.
The cost of leaving your gym will vary, most likely depending on the monthly cost. The contracts will also vary, but experts recommend that you submit your retraction in writing and keep a copy. They do suggest that some gyms can be secretive about their cancellation policies, which means many face an unexpected cost when they try to leave. If you are already stretching your finances a little thin and are trying to cut back by quitting the gym, this could lead you to apply for a payday loan to cope. Make sure you understand the terms of your agreement before you leave the gym. Citizen’s Advice is available to help those who find themselves faced with a financial emergency because of unfair membership agreements.
What’s Our Motivation To Join In With Fitness Culture?
Fitness culture is real and, as the projections suggest, here to stay. Retailers have identified and now fuelled the popularisation of sportswear to capitalise on gym goers – and those who just want to look like gym goers. High street stores now sell active wear as much as ‘normal’ clothes. Coupled with the data that highlights how many inactive gym memberships there are, it suggests just how performative fitness culture is. Social media influencers and marketing tactics encourage us to spend and buy into this lifestyle. For some, it’s extremely beneficial. For others, it’s a waste of money and could be putting their finances at risk. There are low-cost ways to exercise and improve your fitness levels without signing up to a gym contract. Wizzcash we encourage you to keep fit and be healthy, but this also means having a healthy relationship with your money and knowing your limits.
Here at Wizzcash, we do not want to deter you from making proactive decisions about your health and fitness. As a payday loan direct lender, we want all customers and consumers to be aware that a gym membership is a financial commitment and often a serious contract. We are able to provide short term loans to those experiencing financial difficulty, but we do work to a strict lending criteria. To find out more, browse our website.