A third of UK adults have admitted they feel unable to spend as much on Christmas this year, according to a study from Yolt.
The study, which collected the opinions of 2,001 UK adults, found that there is a change in financial priorities due to the uncertain times. As a result, 29% admitted they are anxious about not being able to afford Christmas. Even more worrying, is that 16% of people said they are likely to go into debt financing Christmas this year.
Other findings in the report were that 21% of respondents will decrease spending by £151, and 58% plan to spend less by buying less gifts.
Around 47% of consumers said they will buy less expensive presents and 36% of people said they plan on doing less socialising.
Yolt chief product officer Pauline van Brakel said, “Finding the right balance between spending at a time like Christmas and putting money aside is tricky at the best of times – let alone when dealing with the current uncertain economic situation.
“At what can feel like the most expensive time of year, and with 1 in 7 people saying they are likely to get into debt financing Christmas this year, it is important for people to be mindful of their spending habits to avoid running into debt after Christmas.
“Our research shows many people (27%) have a desire to ensure they are spending smart over the festive period and Yolt wants to empower users to be smart with their money and help them find ways of balancing spending and saving while enjoying themselves, even amid the challenging times we find ourselves in.”
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