Parents already facing financial strain say their children are expecting a ‘picture-perfect’ Christmas thanks to movies and social media
Parents are feeling the heat to deliver the ‘perfect Christmas’ for their children – with many pointing the finger at extravagant festive flicks like Home Alone. Research involving 1,200 mums and dads discovered 54% are battling to afford Christmas this year. Even so, 78% reckon their youngsters expect a picture-perfect Christmas thanks to the standards set by movies, TV and social media.
Numerous parents are slashing spending on other purchases to bankroll the celebrations, including necessities like clothing (22%), grocery shopping (18%) and their heating and energy consumption (10%). Worryingly, four in ten are spending more than they can afford to live up to these expectations.
The study was commissioned by Creditspring to mark the ‘Home A Loan’ launch – a three-day festive pop-up shop where families can borrow Christmas essentials including trees, decorations, tableware and toys for free.
Neil Kadagathur, co-founder and CEO of Creditspring, said: “We wanted to remind people that the joy of Christmas shouldn’t come with a bill attached.
“Home A Loan gives families a chance to enjoy all the magic of the season, without the financial stress that often follows.”
The study also revealed parents anticipate splashing out more than £1,100 on average on presents, food and decorations this year.
Yet nearly a quarter (24%) admitted they won’t clear their festive debt until well into the following summer, if at all, with 22% planning a budget they cannot manage to stick to.
The mounting cost of living (35%), their children’s expectations (28%) and the pressure to create a ‘perfect Christmas’ (25%) were identified as the main sources of stress.
Some mums and dads confessed to scaling back on outdoor decorations such as lights (15%), fancy dress outfits (15%) and even presents (13%).
More than half of parents (53%) revealed that being able to borrow Christmas items would help reduce financial pressure, whilst nearly half (45%) said they’d jump at the chance if it was on offer.
The pop-up will take place in Tower Hamlets, East London – one of Britain’s most financially disadvantaged boroughs, where Trust for London figures show 40% of locals are living in poverty.
Borrowed goods can be handed back after Christmas or kept – with returned decorations given to local charities to share festive cheer well into the new year.
Tamsin Powell, consumer finance expert at Creditspring suggests the best way to keep Christmas affordable is to plan early and be realistic.
She says setting a budget before you start shopping helps to minimise overspending and buying from charity shops and pre-loved market places can be a lifesaver.
In addition she says: “When it comes to food, cook together, share the costs, and focus on the moments that actually matter. The memories, not the receipts, are what make Christmas special.”
