2nd Dec 2024
Studying Time: 3 minutes
Within the third revelation of MoneyMagpie’s current survey of 2000 folks and their attitudes in direction of Christmas funds, girls are underneath the largest monetary strain this time of yr. They not solely spend extra but additionally usually tend to depend on not instantly paying off bank cards to afford the festive season. Preserve studying to find the small print and extra fascinating information from the survey.
Virtually a 3rd of ladies (27.1%) spend over £500 for Christmas, in comparison with 21.3% of males. Males had been almost definitely to spend the least, with 55.6% spending £300 or much less, in comparison with 45.3% of ladies spending underneath the identical quantity. When trying on the supply of festive spending, 32% of males use bank cards however had been extra seemingly by far (60%) to pay their card off instantly too, suggesting using credit score is extra about buy safety than revenue or financial savings limitations. Just below a 3rd of ladies (28%) use bank cards, however solely 45% may afford to pay theirs off instantly, as a substitute selecting to pay in instalments into the brand new yr.
Age and Funds
Age has one thing to do with these figures, too. Youthful folks underneath 30 had been extra prone to plan forward with their financial savings (69%) with this quantity steadily reducing throughout age brackets to 35% of over 60s. As folks age, they’re extra prone to both use their very own revenue or a bank card in comparison with saving.
MoneyMagpie Editor and monetary professional Vicky Parry mentioned: “There’s a transparent disparity between girls who spend extra however depend on deliberate financial savings or credit score use and males who’re extra seemingly to make use of their present revenue to pay for the festive season, even when they use a bank card.
“The small prices of Christmas equivalent to festive meals, stocking fillers, and social actions add up rapidly, and the survey tendencies replicate the gender pay hole impacting girls at Christmas. The gender pay hole is presently a median 7% within the UK (and girls usually tend to work part-time jobs with decrease total revenue). Utilizing bank cards and delaying compensation mirrors revenue tendencies, as males are extra seemingly to have the ability to afford to pay their card off instantly.”
Save Cash at Christmas
If it’s essential preserve your spending in verify this Christmas, there are some things you are able to do.
- Set gifting limits, comply with solely purchase for youngsters, or prepare a household or pals Secret Santa so that you solely pay for one present as a substitute of many. Take a look at our Christmas Reward Information Below £50 for inspiration.
- Quite than spreading your self skinny throughout plenty of (costly) social actions over the vacations, attempt to prepare one or two bigger gatherings – they don’t all have to revolve round food and drinks, both. You may meet dad and mom on the delicate play park for instance, or arrange some winter rounders or footie within the native park to let off some steam and catch up on the identical time.
- Say no. Be up entrance about what you may and might’t afford: the individuals who love you’ll perceive and discover alternative routes to accommodate you, and the individuals who kick up a stink aren’t those you wish to spend your Christmas holidays with anyway!
- Keep in mind that younger youngsters received’t perceive a load of Christmas presents, whereas older youngsters don’t want plenty of knick knack presents – give attention to high quality over amount.
