Lloyds TSB: Guilt costs £736m a year

British people are spending £736 million a year on trying to rid themselves of a guilty conscience, according to research by the Lloyds TSB premier American Express credit card.

The guilt index (GI) study found that the average person spends £138 on a birthday present for someone after forgetting the day.

This is a 14 per cent increase on the £121.26 that people typically spend when they buy a gift in time. People who leave their purchase until the last minute were found to spend an average of £136.80.

Men increase their spending by 15 per cent – from £128.55 to £148 – if they leave their present-buying late, while women spend 11 per cent more – £125.78 compared to an ordinary level of £113.78.

Colin Walsh, credit card director at Lloyds TSB, said: "Life can be stressful and leaving things to the last minute can not only make you feel guilty but cost you a lot more money as you try to rebuild your tarnished reputation.

"The premier American Express credit card can really help people lower their GI, acting as an extra pair of hands to help pick perfect presents for a guilt-free existence."

According to Lloyds TSB, the card, which costs £4.95 a month, can help people in certain situations by offering a lifestyle assistant service, which is provided by "one of the world’s leading lifestyle concierge providers".