Third of Brits dipping into savings amid cost of living crisis
A third of Brits admit they will dip into savings this year to pay for unexpected cost-of-living emergencies, according to new national research.
The study, commissioned by budgeting experts Park Christmas Savings, lays bare the nation’s fears over financial planning – with many saying they are already concerned about affording Christmas 2023, just weeks after last year’s celebrations came to a close.
A third (33%) of the country will be forced to dip into their festive savings to pay for unexpected emergencies like car repairs or broken appliances as the cost of living crisis bites this year, according to the data.
The study shows that 50% of Brits are already worried about being able to afford Christmas 2023 due to concerns over the crisis. Elsewhere, the study found more than four in ten people (42%) struggle to budget for the festive season every year.
This number has increased amid the cost of living crisis, the nationwide survey revealed, with 41% of UK adults admitting that they don’t start saving for the festive season until November.
However, the research did find that people are more motivated to ensure a stress-free festive season in 2023 than in years gone by, as a result of stretched finances.
And almost half of Brits (46%) want to be better prepared for Christmas this year, with three in ten (29%) saying a proven savings scheme would help ease their concerns.
With Park Christmas Savings, Brits can achieve affordable and stress-free saving by setting a festive financial target, and then safely putting away money each week to reach their goal.
Park’s research found just one in five people (21%) save money throughout the year to budget for Christmas.
Meanwhile, fewer than one in eight Brits (12%) start financially planning for Christmas within the first three months of the year – the approach suggested by the budgeting experts at Park.
Katherine Scott, Director of Marketing at Park Christmas Savings, said: “Affording a realistically priced Christmas is always difficult - and the ongoing cost of living crisis is understandably making the annual expenditure even more challenging for many.
“The good news is that, through savvy financial planning and getting ahead of the game, you can navigate the choppy financial waters to ensure an affordable and stress-free Christmas.
“Park members have been enjoying this massive achievement for over 50 years because we are the longest running Christmas savings club in the UK.
“Our members set a target at the beginning of the year and then put away what they can when they on a regular basis. The target is flexible too, so it can easily go up or down – whatever’s needed. By October and early November, their hard-earned savings gets paid out in multi-retailer gift cards and vouchers to use with a vast range of high street shops and brands.
“The findings of our national survey prove that this type of trusted Christmas savings scheme is needed now more than ever before, so we’d just say to anyone wanting a stress-free Christmas in 2023, check us out. Nothing ventured nothing gained - just look at our reviews plus membership is free.”
