According to the Centre for Retail Research, over 9 million people will pay for Christmas on a credit card. 70% of people admit they haven’t started saving for Christmas, meaning millions of others will have to play catch up with their finances in the short run up to Christmas. The research also found that the average household spent around £794 on Christmas in 2015, with 59% of that spent on gifts. Nine million (15%) people are this year planning on using their credit card to fund their Christmas.
The survey highlights that younger generations are thinking ahead about their finances for Christmas, with over 3 in 10, 18-24 year olds taking 3 months to save up for the expenditure and over 55s are 10% likely to do so.