An estimated 7.9 million people are expecting to fall behind with their finances this January as a result of Christmas costs, according to new research published by National Debtline, run by charity the Money Advice Trust
The free debt advice charity has joined with the Association of British Credit Unions (ABCUL) to issue a call for households to ‘make a plan’ for next Christmas.
The poll of more than 2,000 British adults, conducted by YouGov for National Debtline, found that 16% of Britons say they are likely to fall behind in January as a result of Christmas spending, an increase from 11% last year and equivalent to an estimated 7.9 million people. The findings come after 37% of Britons said they were putting Christmas presents on credit.
More than half of Britons (55 %) said they had not saved for Christmas before December arrived, with only 14% reporting they had started saving up for the extra costs of Christmas before last summer.
Nearly a quarter (23%) say they are likely to start saving for Christmas earlier than they did last year – a figure that National Debtline and credit unions say should be much higher.