New research from the Current Account Switch Service has found that summer socialising is putting pressure on household finances, with almost two-thirds (62%) of UK adults saying they have felt pressured to spend to take part in social plans with friends.The pressure is particularly acute among younger adults. Four in five (80%) 25-34-year-olds say they have felt pressure to spend, while more than three-quarters of 18-24-year-olds (77%) say the same. The findings come as consumers navigate a summer calendar of social plans, holidays, festivals and major sporting moments such as the World Cup, at a time when household budgets remain under strain.The research suggests the pressure to keep up is being driven by a mix of social expectations and a fear of missing out. The most common reason people say they agree to expensive plans with friends is not wanting to let others down (38%), followed by wanting to make the most of summer (36%) and fear of missing out (28%) – among 18-24-year-olds, FOMO rises to 46%.The cost of summerYoung people, who complain most about the pressure on their finances, are spending the most on their social lives. The average UK adult expects to spend £386 on social events with friends between June and August. This rises sharply among 25-34-year-olds, who expect to spend £585 on average – around £200 more than the national average.Financial pressure means people are having to cut back on their plans. More than a quarter (28%) expect to spend less on summer socialising this year, compared to one in five (19%) who expect to spend more. Among those expecting to spend more, the average additional amount is £476, underlining the scale of the extra pressure facing those whose summer costs are rising.The findings also show how wider cost of living pressures are shaping social decisions. Six in ten (61%) UK adults agree they are having to cut discretionary spending, while only 39% say they feel prepared for future cost increases, such as energy, food and housing. Three in ten (30%) disagree that they can manage their finances day to day without significant stress.To manage the cost of summer social plans, the most common action is cutting back on everyday spending, selected by 45% of UK adults. Almost a quarter (24%) have dipped into savings, while 19% have used credit products, overdrafts and/or buy now, pay later services. Others are making trade-offs by pausing or cancelling subscriptions (21%), selling second-hand items online (22%) or borrowing from friends and family (16%).Mitigating the pressureAs consumers look for ways to keep control of spending, banking tools are playing an important role for many. More than two-thirds (68%) mainly track their spending through a mobile banking app, while the most commonly cited account features that help people manage spending are alerts and notifications (25%), budgeting tools (21%), savings features (21%) and spending insights (19%). Yet despite this reliance on digital tools, not everyone feels well served.However, 38% say no single account feature plays a leading role in helping them manage their spending – suggesting a significant portion of consumers may not be getting the support they need from their bank account. The Current Account Switch Service says this is a timely prompt to check whether an account is still fit for purpose – and switching, when needed, is more straightforward and better protected than many people realise.This kind of engagement is already picking up. More than 319,000 switches took place in the first three months of 2026, up 43% on the previous year, with activity typically accelerating over summer – July 2025 alone saw 111,244 switches, up 66% on January 2025.John Dentry, Product Manager at Pay.UK, owner and operator of the Current Account Switch Service, said:“A busy summer has put a lot of strain on family finances. Whether it's festivals, holidays, or last-minute social plans, the costs can quickly stack up, and our research shows many are making financial trade-offs to keep up.“Your bank account should be a key ally in helping you manage your spend – if it’s not, then it’s time to consider switching. The Current Account Switch Service makes moving accounts simple, automatically transferring payments in seven working days and provides a guarantee if anything goes wrong. It's one simple but practical step that could help you feel more in control."NoYesPersonal Finance21 Jul, 2026