Households ‘plan to chop Christmas spending in contrast with final 12 months’

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Your assist makes all of the distinction. Learn extra The proportion of individuals planning to splash out this Christmas has shrunk sharply in contrast with final 12 months, analysis suggests.

On common, households anticipate to spend £596, down from £774 final 12 months, Yorkshire Constructing Society discovered.

The proportion planning to spend greater than £1,000 has plummeted to fifteen%, down from simply over half (51%) final 12 months.

Greater than half (55%) of individuals within the newest survey mentioned they really feel pressured about their funds and practically 1 / 4 (24%) plan to make use of a bank card to cowl the associated fee.

Amongst these borrowing, expectations round when they may clear their debt range extensively.

Round half (51%) anticipate to clear festive debt inside three months, whereas 1 / 4 (24%) anticipate taking as much as a 12 months.

Yorkshire Constructing Society mentioned greater than 12 million present accounts within the UK are regarded as paying 1% or much less in curiosity with balances above £5,001.

Tina Hughes, director of financial savings at Yorkshire Constructing Society, mentioned: “Christmas is normally a time of celebration, however this 12 months many households are reducing again as budgets tighten.

“The variety of individuals planning to spend over £1,000 has fallen dramatically. With family budgets beneath strain and monetary stress rising, it’s clear many are feeling the pinch.

“But hundreds of thousands are nonetheless lacking out on simple wins – like incomes curiosity on their financial savings. For a lot of, that additional earnings may have simply coated the price of Christmas, however for these with out financial savings to fall again on, beginning a daily saver now may imply a stress-free festive season subsequent 12 months – with out counting on credit score.”

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Opinium Analysis surveyed 2,000 individuals throughout the UK in November. The findings had been in contrast with a earlier Opinium Analysis survey of two,000 individuals in September 2024.