Most Brits worried about financial cost of Christmas

More than three quarters of UK residents are worried about the financial cost of Christmas, reveals a new survey out today from debt counselling charity Christians Against Poverty.

Out of the nearly 2,000 UK adults surveyed in the YouGov poll, one in three said they had not budgeted at all for the festive season while 15 per cent said they were not looking forward to Christmas as a result of their financial worries.

The research revealed regional variations in attitudes to Christmas finances, with more Scots – 57 per cent – saying they would set a budget and try to stick to it. Scots were also the most nervous about the financial impact of Christmas, with 81 per cent saying they were worried about the costs of presents and other festive expenses.

Londoners were least likely to budget for Christmas and were also the most likely to rack up the expenses on their card and forget about it until the New Year. Nine per cent admitted this was their preferred way to meet the costs of Christmas.

The CAP survey also uncovered gender differences, with 82 per cent of women saying they were worried about meeting the costs of Christmas, as opposed to 69 per cent of men.

Older respondents tended to worry more about festive finances than younger respondents. More than two thirds – or 67 per cent – of 18 to 24-year-olds said they were worried about the cost of Christmas, compared to 85 per cent of 45 to 54-year-olds.

Matt Barlow, UK Chief Executive of Christians Against Poverty, said: “Whilst it should be a time for fun, relaxing and catching up with friends and family, Christmas can also be a difficult time for people to balance the books. After all, expensive presents, special food and travel all have to be funded on top of normal outgoings, which can make things tough on our wallets.

“It is no surprise, given the recent economic crisis, that people are worried about the cost of Christmas but the good news is we can offer hope and solution to those caught in debt in the UK. Through our ever-expanding network of local, church-based centres, we can offer our award-winning and free service to those who need it, especially at this critical time.”

CAP runs 82 debt counselling centres across the UK, many from local churches, and has helped its 1,500 current clients save up in advance of the Christmas season. Instead of a debt-laden Christmas, they are now able to withdraw savings from their special CAP accounts that will help fund all their expenditures over the festive season.

“Our 1500 clients who are now able to use their savings to help fund Christmas this year will testify to how it is possible to budget well and also enjoy the festive season,” said Barlow.

CAP has launched its top ten budgeting tips on its website to help people stay in control of their finances whilst still enjoying Christmas to the full.

“Our advice is simple to follow and easy to put into practice,” said Barlow.

“I would also urge anyone at all concerned about their long-term financial state to contact us via our website immediately.

“Our service is totally free and we work with anyone, regardless of their religious belief, so please call and ensure this Christmas is not filled with fear, but with the joy and relaxation that it should be.”


On the web: www.capuk.org