Stressed out women have kick-started a new credit card trend labelled ‘Spiritual Spending’ and splashed out £670 million this year on spa days, shiatsu, massages and manicures, according to a study released today.
Three in four (75 per cent) women told researchers for Virgin Money that people are increasingly turning to alternative health therapies and yoga retreats to help them deal with stress.
This latest trend has seen the average ‘Spiritual Spender’ fork out over £250 on their credit cards for ‘me treats’ in the last year.
One in five women (19 per cent) admit to pulling out the plastic to pamper themselves, with health and beauty products, treatments like facials or manicures, and massages topping the ‘Spiritual Spending’ list.
And they’ve also spent over £20 million on trips to health farms or yoga retreats this year.
Erica Bell, spokeswomen for Virgin Money, says, “Everyone needs to treat themselves now and again and a credit card is a great way of doing this. It is important however to use a card that suits your circumstances.
Bell added: “Used in the right way a credit card can be useful in managing your money and smoothing monthly expenditure. After all well-managed finances are the best way to keep stress levels in check.”
‘Spiritual Spending’ is seeing women increasingly turning to homeopathic medicine with almost one in five (17 per cent) saying they’ve used alternative therapies in the last twelve months.
And one in ten (9 per cent) have taken tips from celebrities such as Gwyneth Paltrow and Geri Halliwell and turned to yoga and Pilates as ways to relieve stress.
The ‘Spiritual Spending’ study also reveals that:
* Six in ten (59 per cent) women in the UK have a credit card
* The 16 to 24 age group have spent most on me treats in the last year - £420
* Eight in ten (79 per cent) of Spiritual Spenders splash out on health and beauty products
The Virgin Money credit card offers three options.
You can opt for 0% for 6 months with a go to rate of 13.9% APR (variable), 0% for 6 months then 15.9% APR (variable) and a card that earns you reward points or a card offering 10.9%.
Each card has 59 days interest free credit.