Saving is "cost-effective way" to fund hobby

With hobbies costing some Brits over £1,000 just to get started, an expert has advised saving is the key to funding an expensive pastime.

New research from Friends Provident has revealed that a third (32 per cent) of people spend over £250 a year on their hobby, while six per cent are allocating more than £1,000 to pursuing an interest every 12 months.

Christine Foster, head of wealth management marketing at Friends Provident, explained that the trend of Brits saving to fund a hobby is healthy.

"It is encouraging to find that many people are using their savings or their wages to fund their hobbies, rather than paying with credit cards or loans," she said.

Ms Foster concluded that "saving regularly can be a cost-effective way to fund a hobby".

Meanwhile, the same survey found that an estimated 25 per cent of people in the UK aspire to eventually use their hobby to earn a living.

"Some people also identify with those with high profiles, who have turned their hobbies into professional careers," explained Ms Foster.

Friends Provident celebrates its 175th anniversary this year.