- Average Briton plans to spend £563 on Christmas
- 23% of Britons will pay for Christmas using their credit card
- People in South East planning to spend the most with an average £681
- 10% in London and Newcastle say they’ll use a Christmas savings club
- 5% people say they don’t intend to spend anything
New research shows just under one-third (32%) will use their savings to pay for Christmas with almost a quarter of Britons (23%) say they will use their credit card.
A further nine per cent of people said they either planned to use their overdraft or to take out a short term loan to cover the costs.
The research conducted by Aldermore asked more than 2,000 people how they were planning to pay for Christmas with the majority (55%) saying they will pay using general income through their salary or available money in their current account.
The data also shows Britons expect to spend an average of £563 on Christmas with women spending £581 compared to £544 by men.
Regionally, people in the South East said they are expecting to spend the most this festive season with an average spend of £681 followed closely behind by the Welsh on £675. People in the East Midlands came out with the lowest saying they plan to spend £444.
Additionally, residents in Southampton said they are expecting to spend the most at just over £750, whereas compared to other cities, those living in Bristol said they planned to spend the least at just over £467.
Simon Healy, Managing Director for Savings, Aldermore, said:
“Christmas is an expensive time of year, leaving many people in debt or addressing significant overdraft charges or credit card bills. If you’re hoping to reduce the costs around Christmas, then planning ahead is the easiest way of avoiding a financial headache in January. Opening a savings account and putting away a regular sum of money means paying for Christmas next year won’t hit your pocket as hard in twelve months’ time.
“Take advantage of the Christmas sales to plan for next year and if you open a savings account, make sure you shop around to get the best deal.”
For further enquiries, journalists can contact:
Adam Taylor, Cicero Group
Phone: 0207 297 5971
Rachael Snelling, Aldermore
Phone: 0208 1853 102
Notes to Editors:
For further information about Aldermore, our financial backers and our PR contacts, please review our Notes to Editors page.