New Market Research Reveals Extent of Christmas Borrowing and Subsequent Debt Hangover

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1st November 2013 16:23 - Financial Services

A new survey carried out by thinkmoney reveals that 16 per cent of adults living in the UK are planning to cover the escalating cost of Christmas this year by borrowing money, whether that means borrowing to pay for food and drink, presents, entertainment or going out. The same survey discovered that last year alone 18 per cent of people borrowed to pay for Christmas at an average amount of £654, with just over half (46%) still yet to repay the loan.

Those more likely to expect to borrow this Christmas are people 35-44 (24%), closely followed by 25-34 year olds (20%). Only 4 per cent of those aged 65 and over were anticipating having to borrow money. The findings also suggest that as well as age, gender and region also have an effect on peoples borrowing habits. Women are much more likely to borrow money than men, although when males do go to a lender they are likely to borrow twice as much as women. People living in the West Midlands borrowed almost twice as much as those living in Wales (£1,114 vs. £510).

These findings highlight the importance of good budgeting, whilst Christmas is the highlight of year for many people it can also be a very stressful and worrying time for those struggling to find the money to cover all the festive expenses. To make sure the Christmas debt hangover doesn’t linger too long the survey reminds us to set aside money throughout the year to help cover what can be a very expensive period for many people.

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