Annie
2nd Dec 2024
Reading Time: 3 minutes
In the third revelation of MoneyMagpie’s recent survey of 2000 people and their attitudes towards Christmas finances, women are under the biggest financial pressure this time of year. They not only spend more but also are more likely to rely on not immediately paying off credit cards to afford the festive season. Keep reading to discover the details and more fascinating facts from the survey.
Almost a third of women (27.1%) spend over £500 for Christmas, compared to 21.3% of men. Men were most likely to spend the least, with 55.6% spending £300 or less, compared to 45.3% of women spending under the same amount. When looking at the source of festive spending, 32% of men use credit cards but were more likely by far (60%) to pay their card off immediately too, suggesting the use of credit is more about purchase protection than income or savings limitations. Just under a third of women (28%) use credit cards, but only 45% could afford to pay theirs off immediately, instead choosing to pay in instalments into the new year.
Age and Finances
Age has something to do with these figures, too. Younger people under 30 were more likely to plan ahead with their savings (69%) with this number steadily decreasing across age brackets to 35% of over 60s. As people age, they are more likely to either use their own income or a credit card compared to saving.
MoneyMagpie Editor and financial expert Vicky Parry said: “There’s a clear disparity between women who spend more but rely on planned savings or credit use and men who are more likely to use their current income to pay for the festive season, even if they use a credit card.
“The small costs of Christmas such as festive food, stocking fillers, and social activities add up quickly, and the survey trends reflect the gender pay gap impacting women at Christmas. The gender pay gap is currently an average 7% in the UK (and women are more likely to work part-time jobs with lower overall income). Using credit cards and delaying repayment mirrors income trends, as men are more likely to be able to afford to pay their card off immediately.”
Save Money at Christmas
If you need to keep your spending in check this Christmas, there are a few things you can do.
- Set gifting limits, agree to only buy for children, or arrange a family or friends Secret Santa so you only pay for one gift instead of many. Check out our Christmas Gift Guide Under £50 for inspiration.
- Rather than spreading yourself thin across lots of (expensive) social activities over the holidays, try to arrange one or two larger gatherings – they don’t all need to revolve around food and drink, either. You could meet parents at the soft play park for example, or set up some winter rounders or footie in the local park to let off some steam and catch up at the same time.
- Say no. Be up front about what you can and can’t afford: the people who love you will understand and find alternative ways to accommodate you, and the people who kick up a stink aren’t the ones you want to spend your Christmas holidays with anyway!
- Remember that young children won’t understand a load of Christmas gifts, while older children don’t need lots of knick knack gifts – focus on quality over quantity.