Money News
With fewer than 50 shopping days left to Christmas, the countdown is officially on. But Britons are worried that their finances might not stand the strain with more than half (59%) stating that they think they'll overspend on the festive season by an average of £174 each, according to new research on behalf of Lloyds TSB.
In total, the nation's Christmas spending hangover will amount to £4.7 billion with those aged between 45 and 54 under the most financial pressure, anticipating that they'll overspend by an average of £214 each. The over 65s have the tightest grasp on their purse strings, only expecting to go over their Christmas budget by £105.
The main cause of overspending at Christmas is not setting a budget, cited by 41% of those surveyed. Meanwhile, 28% say that they underestimate the overall cost of Christmas while 20% forget to factor in the additional costs of Christmas such as food, decorations and Christmas parties.
The research also revealed that 13% of people start worrying about their Christmas spending a few days before Christmas, while 10% don't think about it until they receive their bank statement in the New Year.
To help bolster the New Year bank balance, 36% say that they'll eat out less often in January, 28% say they intend steering clear of the January sales, while 18% will work overtime or take on another job. 16% will sell their unwanted presents online.
07 November 2007 © Moneyextra.com
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