‘Financial pessimism’ as Christmas approaches

A number of people appear pessimistic about their finances as Christmas approaches, a new survey has indicated.

Research carried out by NS&I di…

A number of people appear pessimistic about their finances as Christmas approaches, a new survey has indicated.

Research carried out by NS&I discovered the British population does not believe it will have enough money in the coming months in order to set some aside before the end of the year.

The NS&I Savings Survey revealed more than a quarter of Brits (28 per cent) are less likely to save cash in the autumn months – seven per cent of whom admitted they are much less likely to put cash away as the festive season gets closer.

It found women in particular are not optimistic about their money situation during the yuletide period, with 30 per cent of females questioned noting they do not think they will have money to spare – compared to just 26 per cent of men.

Moreover, the investigation discovered individuals are more concerned about their finances this time of year as they get older.

The main exception to this was the 35 to 44-year-old age group, who were particularly downbeat regarding their winter spending – perhaps because of their financial responsibilities for both their children and parents.

Savings spokesman from the organisation Tim Mack noted 29 per cent of respondents admitted overspending on a monthly basis.

He added: “It’s daunting to think that there are just two months to go until Christmas.”

Recent research from The Co-operative Electrical showed many people in the UK under the age of 35 are willing to dice with debt this Christmas by borrowing money to fund their spending rather than saving up.

By James Francis

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