Five million Britons suffer from money worries and stress in the run up to Christmas, and one in three adults are putting Christmas presents on credit this year, according to new research from National Debtline, run by charity the Money Advice Trust. The research, based on a poll of more than 2,000 British adults conducted online by YouGov for National Debtline, suggests that around five million people ‘regularly worry’ and ‘feel stressed’ about money in the run up to Christmas, with three million experiencing a negative impact on their enjoyment of the holiday as a result.
The findings come as National Debtline launches its #FeelsLikeChristmas social media campaign to highlight the positive impact that seeking free debt advice can have in easing money worries at this time of year.
The findings suggest that money worries are putting Christmas at risk for as many as five million people.
- One in 10 Britons (10 percent) say they ‘regularly worry’ about money in the run up to Christmas, while the same proportion ‘feel stressed’ about how much they are spending – equivalent to an estimated five million people
- Six percent say that money worries are having a negative impact on their enjoyment of Christmas – equivalent to an estimated three million people
- Two percent of Britons say they even lose sleep as a result of Christmas money worries – equivalent to an estimated one million people
The findings also show that a large number of households are continuing to turn to credit to cover the cost of Christmas this year.
- One in three Britons (33 percent) are borrowing to pay for Christmas costs this year, equivalent to an estimated 16.5 million people
- More than one in five (22 percent) are putting Christmas food on credit, equivalent to an estimated 10.8 million people
The research also sheds light on different approaches to budgeting and managing money in the run up to Christmas.
- Less than a third of Britons (31 percent) have a budget for their Christmas spending that they try to stick to
- ]10 percent say they ‘try not to think about’ money worries at this time of year
- At the same time, more than a third (36 percent) feel ‘well prepared’ for Christmas costs and one in 10 (10 percent) expect Christmas to come in under budget
Advisers at National Debtline are expecting demand for debt advice to rise significantly in the New Year. December is almost always the quietest month of the year at National Debtline, and January is almost always the busiest as households come to grips with extra borrowing over the holidays. The charity says its research shows there are millions of people who could benefit from seeking advice to help relieve money worries at this time of year. Three quarters of callers to National Debtline say they feel less stressed as a result of the advice they receive.
Joanna Elson OBE, chief executive of the Money Advice Trust, the charity that runs National Debtline, said “Money worries can have a huge impact on your life at any time – but the fact that they are putting Christmas at risk for up to five million people shows what an extremely difficulty time of year this can be. This is also, of course, a busy time of year – and it is easy to see why many people don’t want to deal with financial problems in December. However, our research shows there are millions of people worrying about Christmas finances who could benefit from seeking advice now, to start to resolve their financial problems. Three quarters of callers to National Debtline tell us they feel less stressed as a result – and often that first step is the hardest to take.
“I would urge anyone suffering from worries about money or debt to seek free advice from National Debtline or another charity as soon as possible. The sooner you seek advice, the quicker we can help you to start getting back on track, and remove some of the worry that can make this time of year difficult.”