Tesco: Christmas is “financial burden” for 22% of people

Some 22% of consumers admit that they find the Christmas period a “financial burden”, according to the findings of new research.

According to a Mood of the Nation survey by Tesco Personal Finance, 42 per cent believe that they will spend more over the festive period that they have in total since August.

But the run-up to Christmas could be an ideal excuse for many to reconsider their financial circumstances and ensure they are borrowing at the best rate – be it for a personal loan, a mortgage or even finding the best savings account on the market.

And it seems that many may have already done this, for the survey also found that 53 per cent of people are not concerned about the financial aspect of the holiday period.

John Trotter, head of customer insight at Tesco Personal Finance, suggested that it may be a combination of colder weather and family gatherings in addition to finances that contribute to anxiety at the end of the year.

“While many people look forward to the end of the year, for others the festive season can be a source of stress,” he said.

The supermarket lender offers a range of financial products including credit cards, insurance, loans and mortgages.

© Adfero Ltd

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