Millions will have financial issues this holiday season

By Charlotte Minett, 72Point via SWNS

Millions are set to feel the financial squeeze this holiday season but are too embarrassed to ask for help, especially from family.

A poll of 2,000 UK adults found 44 percent will feel the financial pressure this festive season, but three-quarters of those are too proud to split the costs.

It comes as the cost-of-living crisis causes anxiety for 58 percent in the lead-up to December, and 44 percent find the festive season the most stressful time of the year.

But 30 percent are not planning to ask to share the cost of the celebrations with family and friends.

Top reasons for this include fears of dampening the festive mood (20 percent), not knowing how to approach the conversation (18 percent) and embarrassment or shame (17 percent), according to the research commissioned by PayPal.

Others feel guilty and worry about family conflict over finances – although 22 percent would be more likely to ask for help if they felt everybody was doing it.

It also emerged that of the parents polled, 30 percent would never dream of asking their offspring to help fund the festivities.

Although 55 percent of Gen Z respondents would offer to chip in for the festivities for their parents and grandparents as they feel they would be too proud to ask.

Those in London are the most willing to ask for help splitting costs for food and gifts this festive season while those in the North East would be the least willing.

But despite 43 percent wanting to make grand plans for the festive season, 30 percent will be making cutbacks this year to help with keeping on top of their festive finances.

This includes not buying unnecessary presents (51 percent), having an agreed spending cap with friends and family (34 percent), reducing travel plans (33 percent) and not attending Christmas parties (27 percent).

Other cost-cutting plans include ‘bring your own bottle’ celebrations, each person bringing a dish for Christmas dinner and entertaining fewer guests.

Financial issues this festive season?

Of those polled 22 percent will be making their own gifts, in a bid to save.

Despite this, 44 percent won’t compromise on making Christmas perfect for their loved ones, even if it means making sacrifices themselves.

When it comes to splitting costs, 18 percent don’t know the easiest way to do this, but 41 percent use online banking apps or digital payment services.

In addition, 44 percent would be open to hearing about new digital ways to split costs as they navigate the current financial landscape, according to research by OnePoll.

Vincent Belloc, managing director for PayPal UK, said: “The ongoing cost-of-living crisis can dampen the festive spirit as people are worried about their finances.

“Money management and splitting costs with family and friends is a difficult conversation.

“We’re committed to helping people share costs with our send and request money features.”