BRITONS will spend on average four months paying off debt from buying Christmas presents, with an average spend of £342 – £303 of it on credit cards, according to research.
A study for savings provider Scottish Friendly says many UK householders are unlikely to be able to clear their Christmas debts until April 23 next year.
Its latest Disposable Income Index reveals that more than one-third of families in Scotland feel pressure to create the perfect Christmas.
More than half of households say they make sacrifices to buy Christmas presents and two in 10 delay paying household bills, take out a personal or payday loan or increase spending on credit cards to meet the cost.
The festive buying pressure keenly felt in Scotland and comes from a range of sources including other family members (62 per cent), friends (33 per cent), TV advertising (45 per cent), retailers (35 per cent), with social media (27 per cent) playing an increasingly influential role.
With this perceived pressure, the poll of 2,000 people compiled in association with the Social Market Foundation think-tank found 76 per cent of UK households with children say they make some form of financial sacrifice to buy presents.
Calum Bennie, savings expert at Scottish Friendly, says: “Christmas is a time for giving and it seems that spirit is alive and well in Britain in 2017.
“However, our report shows that the season of goodwill is putting significant social and financial pressures on us.”
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