80% of Brits Have Been Spending Less This Christmas, Survey Finds

Financial platform uk.Investing.com also finds that only 35% of Brits would currently pay off a £1,000 bill for an emergency from their savings, as opposed to taking on debt.

LONDON, Dec. 29, 2020 /PRNewswire/ -- Eighty percent of Brits have decreased their Christmas spending this year amid the COVID-19 pandemic, including 14 percent who stated they "won't be able to purchase anything," financial markets platform uk.Investing.com has revealed in newly released data.

The survey of 2,147 respondents documented a variety of other significant effects on personal finance which stem from the pandemic's ongoing period of financial instability, including the fact that only 35 percent of Brits would currently pay off a £1,000 bill for an emergency from their savings. Rather than dipping into their savings for emergency expenses, other respondents said they would take on some form of debt -- 18 percent would finance the bill with a credit card and pay it off over time, 16 percent would borrow from friends or family, and 6 percent would take out a personal loan -- or reduce spending on other things (15 percent).

Almost two-thirds (64 percent) of Brits reported that the pandemic has caused some form of financial loss, with 23 percent describing their loss as "serious" and 41 percent as "minor." Fifty eight percent reported losses of less than £25,000, including 42 percent under £10,000, and only 7 percent experienced a loss of more than £25,000.

"The upcoming holiday season will likely be very different for families across the UK when compared to previous years," said Jesse Cohen, senior analyst at uk.Investing.com. "Not only will holiday gatherings be smaller, but the economic impact of the COVID-19 pandemic will mean that holiday shopping and spending on gifts is out of reach for many Britons this year."

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