Half of Brits expect to overspend at Christmas

Nearly one in two people expect to spend more than they can afford this Christmas.

According to research by Scottish Friendly, 47% Brits think they’ll overspend during the festive season.

Estimates suggest that the average person will spend £778 on celebrating Christmas.

And the sheer expense is, inevitably, causing some conflict.

In fact, more than four in ten people (41%) admit that they argue with their partner about the cost of Christmas.

Parents footing large bills

Unsurprisingly, the cost of Christmas is even higher for parents, with mums and dads set to spend £1,059 on average.

Figures showed that parents expect to spend an average of £167 on Christmas presents per child this year.

Meanwhile, grandparents expect to spend an average of £92 per grandchild. 

People ‘don’t feel in control’

Responding to the findings, Kevin Brown of Scottish Friendly said they show many people “don’t feel entirely in control of their festive spending”.

And this, he said, is creating stress at what should be a fun time.

“Christmas is a hugely important time for families, but the pressure to spend can leave long-lasting damage to household finances,” Mr Brown commented.

“Finding small ways to plan ahead, spread costs or set limits can make a meaningful difference to your finances and help you start the new year on more stable ground.”

How to ease the cost of Christmas

If you’re looking for ways to save money this festive season, there are practical steps you can take.

We’ve put together a list of handy tips, such as making a gift list, buying second-hand and sticking to a budget to help you get started.

Meet our free Christmas debt calculator

To help you take control of your festive finances before costs snowball, we’ve also launched a free interactive Christmas debt calculator.

It shows you exactly how long your festive borrowing could take to repay and how much interest it might cost.

Click here to find out more about how it works.