Bank’s booze spending cut call branded ‘irresponsible’

by Christine Humphreys

Published: January 16, 2025

A bank’s advice for drinkers to cut back on beer to save money has been branded ‘irresponsible’ by pub bosses.

A social media post by Santander recommended customers set aside the money they save during Dry January to pay off their mortgage early.

The bank calculated a customer skipping just three pints of beer a week could save around £57 a month to top up mortgage payments.

They suggested that keeping up the cut back and diverting the sum each month could save almost £13,000 in interest on the home loan.

For heavier drinkers, Santander says the potential savings benefits of cutting out booze are even greater. They estimate the price of 30 pints a month being added to payments could save more than £28,000 interest on a 25-year mortgage.

The bank’s mortgage expert Graham Sellar said: “Whatever the reason for doing Dry January, there’s an indisputable benefit to your bank account.

“It’s tempting to spend that extra cash, but for those able to put even a small proportion of it aside, starting a habit of overpaying on your mortgage could reap huge benefits in the long run.”

This advice has outraged some working in the drinks industry who argue that encouraging people to spend less in the pub threatens livelihoods and damages the economy.

Quoted in the licensee’s newspaper The Morning Advertiser, Kate Nicholls, head of the industry lobby group Hospitality UK, warned that such advice costs jobs.

Kate Nicholls, CEO of the industry lobby group Hospitality UK, said: “January and February can be tough-enough months in hospitality as it is without unhelpful and irresponsible campaigns like this. The last thing the economy needs right now is a message deterring people from going out.”

She suggested there were other money-saving options such as cutting back on paid-for home movie services and walking instead of catching a bus to reduce transport costs.

The bank’s campaign has since been dropped from social media channels.

About The Author

Christine Humphreys

Chris Humphreys is the co-founder of The Alcohol-Free Shop and AlcoholFree.com. She was a journalist for more years than she cares to remember. Ex-wife of an alcoholic, enthusiastic amateur musician and a passionate dog lover.