HOUSEHOLDS EXPECTING TO SPEND LESS ON CHRISTMAS RISES FOR THIRD YEAR ACCORDING TO LATEST MONEYMOOD SURVEY.
13 December 2012
For the third year in a row the MoneyMood Survey has found that the number of household who say they can't afford to pay for Christmas has risen.
This year our research shows that over a third (36%) of UK households say they will spend less on Christmas, the highest response since 2010.
MoneyMood Survey® Do you think that your household will be spending more, less or about the same on Christmas presents as you did last year? Answer = Less than last year…
To view the chart showing the results for the last 3 years please click on the link on the right of this page.
1.6 million households can’t afford Xmas…
The MoneyMood survey also asked households to describe their ability to pay for Christmas.
The results indicate that, nationwide, less than two thirds of households (59%) say they have enough money to pay for presents and celebrations over the festivities.
More than one and a half million (1.6m) households say they “Can’t afford to buy presents and pay for celebrations this year”.
London, Wales and East Anglia appear to be the regions that may be most struggling to pay for Christmas. These regions recorded the biggest increases in the number of homes who say they can’t afford to buy presents and pay for Christmas festivities compared to last year. The North West, which recorded the highest score in this category last year, remains one of the highest regions overall in this year’s survey also.
MoneyMood Survey® I cannot afford to buy presents and pay for celebrations this year…To view the chart showing the results for 2012 versus 2011 please click on the link on the right of this page.
Commenting on these findings Mark Gregory, Legal & General Chief Executive Officer Savings said; “Last month we reported that over 300,000 more households are struggling to make ends meet compared with the figures from just before the recession took hold.
So it perhaps should come as no surprise that the number of households saying they can no longer afford to pay for Xmas has also gone up since 2010.
The cost of fuel may be one reason households are finding it even harder to afford Xmas this year.
Our MoneyMood survey has shown one in 5 (21%) of homes say they are in “fuel poverty” and a further fifth (19%) say they are “almost” in fuel poverty.
It’s quite likely that higher fuel costs will have a significant impact on how the less well off households cope with the cost of Christmas.
SURVEY – METHODOLOGY
TNS Omnibus carried out research for the Legal & General MoneyMood Survey.
Telephone interviews were conducted among a nationally representative sample (in GB) of around 1,000 adults (age 18+) between 26-28 October 2012, 23-25 September 2011 and 24-26 September 2010.
Notes to editors
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