Over recent years we have started to ask about savings for Christmas when talking with customers about their income, expenditure and affordable and sustainable repayment plans, but this report is a timely reminder of the significant expenses that come with Christmas and will be a test of the robustness of those discussions. Christmas comes at the same time every year, same date, same dinner, same TV programmes but the ability for many to be able to plan ahead and save still is a significant challenge and as we know the stresses, strains, ramifications and disruptions this can cause is significant too. Whilst it is avoidable with improved planning and budgeting, it still stretches people beyond their comfort zone. We have started already in Ascent and will continue in December to try and anticipate challenges with customers as opposed to waiting until January and a broken promise.
According to new research, one in ten consumers will put the whole cost of Christmas on their credit card. The research by GoCompare Money, has found that the average British household expects to spend £719 on Christmas festivities this year. Collectively, the Nation will splash out £19.5 billion on gifts, food and drink, parties and Christmas decorations. Presents for friends and families top the list of Christmas expenditure with an anticipated average cost of £365 per household, while a third expect to shell-out over £400.
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