Expensive presents aren’t the key to a happy Christmas

Christmas Day is now less than 72 hours away - and making sure everything’s perfect probably hasn’t come cheap.

In fact, figures from Aegon show that the average Brit will spend £542 just on presents this Christmas.

But interestingly, the same study shows that nearly three-quarters (72%) don’t agree that expensive gifts are necessary for a happy Christmas.

More than half (57%) say spending time with loved ones is the most important part of Christmas.

Attitudes are split

It’s heartening to see that many of us don’t feel that meaningful moments have to come with a big price tag.

But there’s still plenty who feel differently.

For example, nearly one in ten (9%) people say they prioritise gifts over everything else.

And the study found there was a clear gender divide on this issue.

More than one in five (21%) men said they believe pricy gifts are necessary for a happy Christmas.

That compares with less than one in ten (9%) women.

And there’s a big split on this issue depending on where you live.

Across the country as a whole, three-quarters (75%) don’t agree that you need expensive gifts for a happy Christmas.

But in London, just 47% don’t agree.

Young adults looking for a cheaper Christmas

More than a quarter (27%) of adults say their Christmas plans haven’t been affected by cost-of-living pressures.

But beneath this headline figure, there are some significant differences.

For instance, just 14% of Gen Z adults - 18 to 27-year-olds - said they’re in this position.

This perhaps reflects how this group are more likely to be on lower salaries and have smaller financial reserves than older people.

Quality time can be priceless

It’s easy to put yourself under pressure at this time of year and feel weighed down by expectations.

But in truth, your close friends and family often don’t expect or even want expensive gifts.

And if you’re struggling, your loved ones will understand why you’re not splashing out this year.

Ultimately, it’s spending time together that counts at this time of year and means so much more than anything else.