Round 11 million UK adults really feel unable to spend as a lot on Christmas this yr as a result of coronavirus pandemic.
That’s in line with analysis carried out on-line by Opinium Analysis, on behalf of cash app Yolt. It surveyed 2,001 UK adults between 16-19 October. The outcomes are weighted to nationally consultant standards.
The 11 million determine was derived by dividing the variety of UK adults that say they’ll lower their Christmas spending this yr by the overall pattern, then multiplied by the UK grownup inhabitants.
The survey additionally discovered that 21% of respondents estimate a lower of their spending — spending £151 much less on common. Three in 10 UK adults additionally admit to feeling extra anxious about affording Christmas this yr
“Discovering the best steadiness between spending at a time like Christmas and placing cash apart is difficult at one of the best of instances – not to mention when coping with the present unsure financial state of affairs,” mentioned Pauline van Brakel, chief product officer from Yolt.
Financial institution of England (BOE) figures, launched in June, on family debt confirmed that Brits paid off a record £7.4bn ($9.3bn) of debt in April during the coronavirus lockdown. UK households paid off £5bn in bank card debt alone in April, greater than double the document £2.4bn paid off in March.
Nonetheless, BOE knowledge launched on 1 September confirmed that UK households borrowed extra by way of bank cards and overdrafts than they paid off for the primary time in 4 months in July.
Net consumer borrowing returned to “around its pre-COVID level” in July with households borrowing an extra £1.2bn ($1.6bn). That’s larger than the £1.1bn month-to-month common for the 18 months as much as February this yr.
Yolt’s survey additionally confirmed that 16% mentioned they suppose they’re more likely to get into debt financing the yr’s Christmas.
“Whether or not or not you’re going through debt issues, instruments that aid you price range and preserve observe of your funds are very helpful. In truth, making a price range is step one to resolving debt issues – however generally it isn’t sufficient in itself, and that’s whenever you would possibly want some assist,” mentioned Sue Anderson, head of media at debt charity StepChange.
“If that’s the case, and cash administration alone isn’t going to unravel the issue, debt charities like StepChange will help you stroll by way of a whole price range course of and establish doubtlessly appropriate options to assist deal with your debt.”
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