For more and more people in the UK, Christmas is no longer just a celebration - but also a cause of financial concern.
According to survey findings by Columbia Threadneedle Investments an increasing number of people, young and old and anywhere in between, are worried about how to afford Christmas.
According to the survey, amongst the generation of 18 to 38-year-olds - the so-called millennials - many are experiencing sleepless nights over Christmas. Fifty-five percent expressed concern over how they will afford the festive period. No wonder, as costs such as gifts, travel to relatives, or family meals can quickly add up to sizeable amounts.
A comparison with older generations shows that the fear of paying for Christmas increases significantly the younger the respondents are. Among the 39- to 54-year-olds (also known as Generation X) 40 percent stay awake at night worrying about the cost of Christmas.
Among the 50- to 64-year-olds, so-called baby boomers, the proportion is 19 percent. Many Millennials are significantly more worried about how they compare with their peers, undoubtedly exacerbated by social media habits.
This need to keep up appearances may contribute to their financial stress levels. Alison Jefferis, Head of Corporate Affairs at Columbia Threadneedle Investments, commented: "The results of our survey show very clear differences between generations when it comes to financial concerns about Christmas. Roughly summarised: The younger you are, the more you are likely to worry about money at this time of year. “Compounding these pressures are the fact that, with record-low interest rates, cash savings accounts are no longer a reliable way to preserve assets or even build up capital for medium and long-term savings. Investment funds can offer various options for maintaining and growing wealth and, once Christmas is over and thoughts turn to New Year resolutions, small steps into investing could help some save for the longer term, reducing these worries in future years.”
If, like many of those out there today, you would like to make this the last Christmas you need to worry about affording the costs then please contact your PS & Partners Advisor today and we can happily show you our flexible affordable savings schemes to ensure this year is the last year you ever need worry again!