New research shows that 21.2 million people are looking at other ways to help them raise funds to pay for Christmas. According to a survey from Scottish Friendly, 1 in 5 Londoners will be looking for a second job to fund the holidays. Whilst 2 million of us across the UK have planned to ignore Christmas altogether and work to cash in on the extra rewards.
More worryingly, the research highlights that nearly 1 million people will approach a payday lender to help cover spending and see them through the long stretch in January.
The findings, collated as part of the Disposable Income Index for ISA provider Scottish Friendly, revealed that 21.2 million people will be hoping to raise additional funds to help pay for Christmas. A whopping 39% of us across the UK are planning to sell personal possessions and household items at car boot sales or online through selling sites.
In addition to this figure 3.5 million people will either borrow from a bank, friends or family members to help with the extra cost that comes with the festive season.
|Activity||% of people surveyed||UK adults equivalent|
|Sell possessions on eBay, car boot sales etc||39||8.3 million|
|Work overtime at usual job||30||6.3 million|
|Take a second job||21||4.5 million|
|Work Christmas Day for bonus pay||9||2 million|
|Borrow money from friends and family||9||2 million|
|Borrow money from bank||7||1.5 million|
|Take a loan from payday lender||5||969,000|
Christmas can be a very tough time of year for people, finances get squeezed as we all push to find that little bit extra. It’s encouraging to see that a number of people are willing to work extra or sell possessions rather then head into debt.
The figures show that there are still many people who will fund this years festivities through short term or ‘payday’ loans. If you are thinking of heading down this route make sure that you are aware of any hidden fees and be sure you are able to pay it back when promised, the high interest fees can be crippling for most people.
If you need any help, or if you would like to discuss your finances contact the Money Advice Service or take a look at their website.