One month away from the most wonderful time of the year, two thirds of Brits say the festive season is the most stressful time of the year, new national research has revealed.
The survey, commissioned by Park Christmas Savings, revealed 65% of people in the UK struggle with the cost of Christmas, with finances the number one cause of tension.
In addition, the study revealed more than 7-in-10 Brits (71%) struggle to budget for Christmas, with over half (55%) of those surveyed admitting they leave their Christmas financial planning too late – October being when the majority first start to think about their festive spending.
This year families are set to spend, on average, £730 on Christmas – down on £900 in 2022. A quarter are more worried about paying for Christmas this year compared to last as the cost of living crisis continues to bite.
Psychologist and TV personality Emma Kenny said it’s common to experience festive stress.
“It goes without saying that Christmas can be incredibly stressful for all. However, it’s also the most wonderful time of the year, so it’s important we muddle together and get through the stress to enjoy spending time with family and friends.
“Being financially prepared for Christmas is a sure-fire way to at least ease the tension around the festive period. Planning ahead and being as best organised as possible will give you a clearer head, meaning you can focus on the things that are most important to you!
“The research from Park Christmas Savings clearly shows that people do worry financially when Christmas comes around, so being in control of this from the very start of the year and making a plan for the following Christmas definitely helps come December.”
The survey also confirmed that spending time with family and friends is still the nation’s favourite thing about Christmas (47%). But the financial strain is taking its toll, with a third of Brits revealing their least favourite thing about the festive period is stress over money (31%).
Katherine Scott, Director of Marketing for Park Christmas Savings, said: “Christmas is, undoubtedly, one of the most financially stressful periods of the year.
“Against the backdrop of the ongoing cost of living crisis, many Brits are actively trying to cut down and spend less, but how to do so can be complicated.
“We know from our own experience helping people save over the last 56 years, many people do get themselves into debt trying to give their families the perfect Christmas. They join Park to help them avoid that debt trap.
“With Park Christmas Savings, you pay what you want into a pot, and then, when the festive period approaches, this money is paid out in vouchers – which can be spent on gifts, food, drink or nights out. Money is held in Trust so it’s protected, ensuring that nothing can stop Park customers enjoying the Christmas they deserve.
“By signing up early customers can break the cost of Christmas down into much smaller, manageable monthly or weekly amounts. Plus they can adjust their order value for free throughout the year if they need to reduce their payments.”
