Its eight months since the last Christmas 2014 and 129days to the next Christmas 2015. Researchers found many in the UK cannot afford Christmas, with more than a third of people getting into debt each festive season.
It may be the middle of summer, but one in five Brits are still paying for last year’s Christmas presents, a new survey has found.
Britain has been revealed as a nation that cannot afford Christmas, as more than a third of people go into debt every year.
More than 82 per cent who spent more than they earn struggle to pay it back, with 20 per cent of the 2,000 people surveyed still trying to clear debts from the holiday season eight months later.
And it is young professionals who are the most badly hit during the holiday season, with two-fifths of 25-34 year olds spending more on presents than they earn – more than any other age group.
The survey, commissioned by rewards website GetPaidTo, discovered nearly one in five get into debt by buying gifts they cannot afford via credit card, and almost one in ten use very expensive overdraft facilities to provide extra funds.
The research also discovered many people struggling to pay off last year’s Christmas may be stung again by this year’s festive season.
Whilst nearly a third mean to start saving before the summer is out, the same number of people are not saving anything at all. In fact, only 9 per cent start setting aside money in January.
The research also revealed some interesting insights around how Brits save, with more than one in five still saving as though they were a child – using a piggy bank.
When it comes to starting the dreaded Christmas shopping, a surprising one in four start before the summer is out.
However, the majority leave it until much later than that with a third starting in November and one in five in December.
It appears Londoners are the most likely to do everything at the last minute, with a third leaving their Christmas shopping to December.
Image: Getty. Debt: One in five of Brits are still trying to pay back debts from Christmas in August
Karim Wilkins, CEO at GetPaidTo, which is running a savings club to help people put money aside for the big day, said young professionals were likely to be hit the worst because they thought they were expected to buy more expensive gifts than ever before because they were in full time jobs.
He said: “Christmas can easily become an expensive headache instead of the fun, family holiday it should be, so it’s upsetting to see so many people around the UK getting into debt.
“Now that we are approaching the end of the summer, many families will be looking to Christmas as their next big expense.
“Spending more than you have is always a problem. People make impulse purchases, they have a long list of people to buy for as well as getting food and drink. They forget they spend three times as much at Christmas than at any other time of the year, and then in January it hits them and they have to cut back.
“They spend the next couple of months paying off the good times. It’s been even worse in times of austerity such as the ones we’ve just had, which is not easy for anyone. Yet people are still spending.
“Young people especially find that everyone seems to want to go out and party as if it is the end of the world, they’re out 10 nights in 11 and are spending money they may not have.
“With our Christmas Saver Club, we’re encouraging people to put aside money for Christmas by using our site to get money back while buying things they need.”
“With a third of people planning to start saving before September, it’s important to make sure we actually do it. No one should be funding Christmas months after the festivities end.”