Bonuses won’t be blown this year

Many of the UK’s top earners are preparing to receive their bonuses this week and they already know what they will spend them on.

That is according to Barclays Wealth, which carried out research and found that 65 per cent have already planned what they will spend them on, while only five per cent will seek professional advice.

Although big bonuses are traditionally blown on champagne and expensive parties, Barclay’s research shows that many intend to invest them this year.

A total of 43 per cent of those questioned said that they will choose long-term financial investments over partying, with personal debt and mortgages the main focus.

The number one priority appears to be investing in a UK property, with 23 per cent saying this is what they intend to do.

This is closely followed by any other financial investment (19 per cent), clearing debts (15 per cent), holidays (12 per cent) and home improvements (ten per cent).

“It is encouraging that our research shows that people are intending to be responsible with spending their bonus this year,” said Jonathan Williams from Barclays Wealth.

The majority of workers are expecting to receive a bonus of between £5,000 and £25,000, with ten per cent anticipating an even greater sum.

Tags: financial investment, long-term financial investments, barclay, majority, bonus, expensive parties, debt