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Cut-Backs This Christmas – New Survey Reveals Financing Christmas is a Worry For 83% of Brits

Only a month remains before Christmas and new survey finds that Brits are worrying about their money situation.

• 42% of Brits are in debt due to Christmas 2010
• 25% of people are buying second hand gifts from eBay or charity shops
• 15% are selling their jewellery and gold to fund Christmas presents
• 83% are worried about how to pay for everything
• 84% want to spend less than last year

01 December 2010 – Christmas might not be a happy time this year, as money worries around 83% of people; 84% of people in the UK are trying to reduce their spending; and 26% have even thought about cancelling the event altogether.

Out of 1,000 UK respondents to the survey, one third of people will reduce their Christmas expenditure by 25% and one in four will half (50%) their spending on Christmas activities, presents and parties.

12% aren’t buying a tree this year; 30% are going to less parties; 49% of kids won’t get as many presents this year; 57% of people are spending less on their partners; 54% will reduce the amount of festive food down; and 54% will use old clothes instead of new ones for festive parties. contact, Mr Simon Terry said: “Christmas is an expensive time for many and with January’s VAT increase, job security worries and job cuts, people are really scared of how much Christmas is going to cost this year”.

With Christmas costing so much, 42% of people are in debt as a result and although it is a time for giving only 8.5% will get a bonus from their work.

Jewellery and gold are being sold by the UK public (15%) in order to raise some capital to pay for festivities. 35% of people are worried about the interest rates of credit cards (33% of people use them for presents) and short-term loans (3% take them out at Christmas). One in four are resorting to buying used goods from eBay or pre-owned gifts from charity shops to try and save money.

Mr Terry added to his comment: “The UK public can save money on most brands, using our codes and discount vouchers. By being wiser about money and even haggling on the RRP of goods, it should make Christmas more enjoyable this year”.

Via EPR Network
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