Britons turn to family for help with cost of Christmas

Many Britons are borrowing money from family members to help pay for presents this Christmas, new research has revealed.

According to a study conducted by Scottish Widows think tank the Centre for the Modern Family, 20 per cent will approach relatives for a loan to help pay for gifts, while almost half (44 per cent) will turn to their families for cash to help pay for other aspects of the festive period.

This is despite some extending the celebrations beyond families, with over one in ten planning on inviting friends to their home to take part in festivities.

The cost of Christmas can put a strain on many people's finances and a survey conducted by Santander recently found Britons plan to spend an average of 13 per cent less on food and drink in order to curtail their outgoings.

Panelist on Centre for the Modern Family and head of Which? Money James Daley explained the cost of Christmas means it "can seem like a long wait between paydays".

He advised people to seek tips from debt charities – which can help implement a debt management plan – rather than resort to methods such as payday loans to pay for Christmas.

By James Francis