Four months after Christmas, a third of consumers are still burdened by holiday debt, according to new research from One4All.
The gift card brand found that despite an average spend of €1,000 per person, 54% of Irish consumers don’t save for Christmas, while 44% don’t budget for the festive period.
Jock Jordan, group sales director, One4all commented, “Christmas is a great time of year for most people, but the financial burden puts massive strain on consumers and particularly those who do not save for the festive season.
“Rather than await the crunch time, consumers should explore their options for saving toward Christmas from the very start of the year.”
One4All’s research also found that despite good intentions, only 46% of Irish consumers manage to save on a regular basis, though 91% of those surveyed said they would be more likely to save if a tax incentive scheme to support savings was introduced.
The survey also has found that unexpected expenses are the biggest detriment to people’s ability to save. A third of respondents said they try to save on a monthly basis for something specific, but 62% are simply saving for a rainy day, while that same number have an emergency fund available.
© 2015 - Checkout Magazine by Jenny Whelan.