You are here: Home - Saving & Banking - News -

Penny-pinching consumers planning frugal festivities

Written by:

Research from Birmingham Midshires reveals that 78% of Britons are taking sensible steps to make Christmas more affordable this year.

Christmas budgets have fallen by £102 this year, with Britons expecting to pay out £604 on festivities this year, compared with £706 this time last year. But that doesn’t mean that Christmas will be all doom and gloom.

The research points to a revival of money-saving Christmas traditions and Christmas dinner at home. There is also positive news on budgeting for Christmas, with one in four Britons having enough money already saved up to cover 87% the cost of Christmas (£527).

With 78% of Britons taking steps to make Christmas more affordable, the most common ways of cutting back on costs are spending less on gifts, purchasing presents and other festive supplies in advance of December and reusing last year’s Christmas tree.

Tim Hague, director of savings and investments at Birmingham Midshires, said: “The financial climate certainly doesn’t mean that Christmas is cancelled. As our research shows, Britons up and down the country will be cutting back on spending this year without sacrificing on many Christmas treats.

“This could have a very positive effect on New Year finances. Planning for the future and saving early for Christmas means that people will be less likely to suffer a financial hangover come January and could leave many a lot better prepared for 2009.”

Related Posts


Tag Box

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

ISAs: your back-to-basics guide for 2018/19

Here’s everything you need to know to make the most of your unused ISA allowance ahead of the 5 April deadli...

A guide to Sharia savings accounts

A number of Sharia savings products have upped their game in recent months, beating more familiar competitors ...

Five ways to get on the property ladder without the Bank of Mum and Dad

A report suggests the Bank of Mum and Dad is running low on funds. Fortunately, there are other options for st...

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Having a baby and your finances: seven top tips

We’re guessing the Duchess of Cambridge won’t be fretting about maternity pay or whether she’ll still be...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

Money Tips of the Week

Read previous post:
Brits opting for green motors

As the nation’s purse strings tighten, Britons buying new cars have lower emission models at the top of their shopping...