As Christmas draws closer and the receipts from festive shopping pile ever higher, Halifax Unsecured Personal Loans takes a look at the stress this can cause.
Research* results released today by Halifax show that nearly two-thirds of people (58%) admit that they feel their finances are under the greatest strain over the festive period far in excess of any other time of year. Fig 1: At what time of year do you feel your finances are under the greatest strain? | | % | | Christmas/New Year | 58 | | Summer holidays | 10 | | End of traditional financial year | 5 | | Never | 14 | | Other times | 14 | However, a large percentage of people make plans to counter this strain by making sure they're financially equipped to accommodate the increase in outgoings. When asked how they planned their Christmas finances, half (50%) said they made sure they had money matters organised beforehand. One in seven (14%) admitted that they spent money on Christmas and worried about paying for it in the New Year. Fig 2: Which best describes your Christmas finances? | | % | | Spend money on Christmas and worry about it in the New Year | 14 | | Plan well in advance making sure you have the finances available beforehand | 50 | | Christmas spending doesn't have a major impact on my finances | 30 | Failure to sort out your finances over the Christmas period can have a number of unwanted consequences. When asked if they argued with a partner or spouse more about finances over the Christmas period, one in five people (19%) admitted that they did. Gary Duggan, head of Halifax Unsecured Personal Loans, comments: "Making sure you have your finances in good order over the festive period is very important. Christmas is an enjoyable time of year and people should be able to make the most of it without worrying about financial headaches early in the New Year." The Halifax research showed that although nearly a third of people (29%) said they reviewed their finances regularly, nearly a quarter (23%) tend to do it over the festive period. Worryingly, one in 10 (10%) said they never reviewed their finances. Fig 3: At what time of year do you tend to sort out your financial affairs? | | % | | Christmas/New Year | 23 | | Summer holidays | 7 | | End of traditional financial year | 19 | | At another time | 9 | | Do it regularly | 29 | | Never do it | 10 | Gary Duggan continues: "Consolidating your debts into one easy to manage unsecured personal loan can often be an effective way of reorganising your finances. Customers need to review their finances on a regular basis and the New Year is a great time to do this." "Even for those people who admitted to not thinking about their Christmas spends until the New Year, an unsecured personal loan can be a sensible remedy. With a Halifax loan you don't have to pay anything for the first three months - helping you ease the festive financial hangover." Financial News Feeds provided by OneCompare.com
Date published: 12/23/2004 12:00:01 AM
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