Lloyds TSB bank, in association with its Premier American Express(r) Credit Card division have come up with a new GI - the Guilt Index. Following a commissioned research program, the bank discovered that most of us are spending large sums of money on guilt purchases and the credit card companies are loving it.

It seems that typically a person buying a present for a loved one frequently leaves it too late and ends up panic buying. The result is spending a very impressive £121.26 on a gift which the buyer doesn't even like. And it seems that the later the present is, the more it costs.

Typically, the cost of the gift rises by 13 per cent to £136.80 for people who leave their purchase to the last minute and by 14 per cent, to £138 for people who forget the big day altogether.

Men are more prone to panic spending, splashing out an extra 15 per cent from £128.55 to £148 if they leave hitting the shops to the eleventh hour. Women increase their spending by a more modest 11 per cent from £113.78 to £125.78.

But, although people end up spending more when they are under time pressure, the gift they buy doesn't always fit the bill. Of those surveyed, 40 per cent admit that when they panic buy, they end up grabbing the first thing they see even though they aren't really happy with their choice and don't necessarily think that their loved one will like it.

Birthdays aren't the only thing that time-pressured Brits struggle with. Nearly a quarter of people surveyed confess that they have been late or missed dinners with friends or family. A guilt-ridden 15 per cent have missed work leaving dos or forgotten Mother's Day and Father's Day while 14 per cent have forgotten an anniversary.

Of those events that people have missed or been late for, the highest on the GI Index is a good friend's birthday. Of those surveyed, 23 per cent of people have forgotten their good friend's birthday and 16 per cent feel guilty having done so.

However, in order to compensate for their misdemeanors, a quarter (26 per cent) of those surveyed admit that they ended up spending more money on a present for the person they feel they've let down.

"Forgetting a special occasion like a birthday or anniversary often leads to feelings of guilt because we believe that we have behaved badly and let someone down," says Gladeana McMahon, a leading UK life coach. "Guilt can also lead to anxiety as we may also fear that others will think badly about us."

Lloyds TSB claim to have found the answer in their new 'concierge'-style 24/7 Lifestyle Assistant offered as part of their Premier American Express Credit Card Member agreement. But that's of little help to those of us not living the high-life.

So what is the answer?

"Organisation," says Abbi Rouse of Interfinancial, the online loan brokers. "So many of us live a sort of hand-to-mouth existence in terms of time-planning and finances. Instead of looking ahead and diarising events, instead of budgeting our monthly outgoings, we just leave it until the last minute. Then find ourselves out of time… and out of pocket!"

Interfinancial is used to sorting out messed-up finances; 20% of their loan applications come from people looking to consolidate debts that have got out of hand.

"I sometimes think we should give out a free personal organiser with every loan application," laughs Rouse. "Very few people diarise their appointments, anniversaries or important dates and then forgetfulness leads to guilt buying. Its crazy to think it, but people are actually putting themselves in debt through disorganisation. They make a last-minute guilt purchase on credit and then frequently forget to make repayments!"