Newspaper article The Journal (Newcastle, England)

Financial Worries Curb Festive Extravagance

Newspaper article The Journal (Newcastle, England)

Financial Worries Curb Festive Extravagance

Article excerpt

Financial worries curb festive extravagance FOUR out of 10 families plan to spend less this Christmas than they did last year because of financial worries, according to a new survey.

Parents said they thought they would spend an average of pounds 442 on presents and other festive spending, with 40% S to spend less than in 2008 and only 15% expecting to spend more, according to the Financial Services Authority (FSA).

Around 16% of parents said they had struggled with money during the past 12 months, while 3% admitted their finances were so bad they had been forced to speak to their lenders about repayment options and were struggling to pay their bills.

The biggest concern among families was not getting into arrears on utility bills, followed by being able to keep up with their rent or mortgage and being able to provide enough food for their family. They were also worried about saving for the future and being able to afford presents for birthdays and Christmas. …

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