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Monday, July 22, 2024
Cost of LivingWITH SIX MONTHS TO GO MORE THAN HALF OF BRITS ARE WORRIED...

WITH SIX MONTHS TO GO MORE THAN HALF OF BRITS ARE WORRIED ABOUT THE COST OF CHRISTMAS

  • More than 40% of people struggle to budget for Christmas every year
  • Over 60% don’t start putting money aside for Christmas until NOVEMBER 
  • Swapping two medium-sized cafe lattes a week can helps save more than £100 for the festivities 

With temperatures soaring and six months until the 25th of December, national research has revealed that 52% of Brits are worried about the cost of Christmas this year
amid rising prices.

The survey, commissioned by Park Christmas Savings, also found more than 62% of Brits don’t start saving for the festivities until at least November. This means most of the population will try to meet the growing cost of Christmas gifts and activities from one month’s pay.

According to the Office for National Statistics (ONS), families were spending, on average, over £900 on presents, food, decorations and going out during the 2022 festive period which meant many people struggled financially more than ever as they entered the new year. Today’s current high rates of inflation and increased mortgage rates are only making things tougher.

The research also found that more than two-in-five people (42%) struggle to budget for Christmas every year and one-third (33%) admit to regularly dipping into their festive savings when emergencies arise.

Gen Z struggles the most at this time of the year, with a whopping 71% of 18-to-24 year-olds admitting they have difficulty saving for the expensive festive period. However, it’s never too late – or early – to start preparing. With six months until Christmas, Park Christmas Savings is encouraging people to consider putting away just £6 a week from today to stack up more than £100 for the festivities.

This can be as simple as sacrificing your daily cup of coffee twice a week, with latest data from the Project Café 2023 Report showing that a medium latte now costs an average of £3.25.

Despite the stress around festive savings, three-in-five (61%) people have never taken advantage of a Christmas shopping deal or discount scheme, with almost half (45%) saying they do not trust these offers and believe they come with a catch, or do not result in a saving.

Meanwhile, fewer than one-in-eight (12%) start financially planning for Christmas in the first three months of the year, yet almost half (46%) want to be better prepared for Christmas this year.

According to Park Christmas Savings, starting to save early for Christmas can help avoid festive financial stress, with three-in-10 people (29%) admitting a proven savings scheme would ease their concerns.

Park Christmas Savings is an affordable, stress-free way to put money aside for Christmas. It helps its savers to set a realistic goal, (how much they want to save for Christmas spends), and to then put away money as and when they can. What Park customers put in during the year they get out in multi-retail gift cards in plenty time for Christmas. The range of gift cards can be safely spent in a huge range of big brand high-street shops from John Lewis to B&M. The flexibility of Park Christmas Savings attracts customers who may need to reduce the amount they save as easily as they can increase it.

Katherine Scott, Director of Marketing at Park Christmas Savings, said: ““The findings of our national survey prove that Park Christmas Savings is needed now more than ever.

“For very many people, paying for a special and memorable Christmas – which is what we all want – is a real challenge. But with today’s rising costs of living never seeming to stop, we know from our conversations with customers how much more difficult it is going to be this year.

“We have helped people save for their annual Christmas for over 50 years, so we know our ways of saving has worked for millions of people and the magic continues in 2023. After paying what they can when they can on a regular basis, the moment every customer loves arrives in October or November when they get their saved money back in gift cards. This can be spent in more than 100 outlets on gifts, food and drink – so they’re all sorted and stress-free by the time the Big Day arrives.”

To join Park Christmas Savings, visit: https://www.getpark.co.uk/budgeting/easysignup

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