(PRWEB UK) 16 October 2012
The majority of British consumers harbour fears that they will have difficulty affording the costs associated with the Christmas and new year festive period, according to a report from MoneySupermarket.
A poll carried out by the price comparison website has revealed that 27.9 per cent of people are "seriously worried" about the state of their finances as the holiday season approaches and are therefore preparing to make serious cutbacks.
Moreover, 25 per cent said they were at least slightly worried and are likely to need to make a few concessions, meaning that altogether more than half of UK consumers have a certain degree of concern over their Christmas spending capabilities.
With 53 per cent of people expressing worries about this issue, it means that the overall outlook is slightly improved from the 60 per cent proportion recorded last year, with the 2012 figure equalling the statistic recorded in 2010.
Meanwhile, the same percentage voiced serious concern that things will need to be "a lot tighter" this year, with the remaining 47 per cent believing they may be required to slash costs somewhere.
Kevin Mountford, head of banking at MoneySupermarket, said it is therefore essential for people to begin considering new ways of funding their Christmas activities as soon as possible, whether this is through saving, borrowing or other outlets.
He explained: "UK households have continued to feel the pinch in 2012 and many may fear the worst with the cost of Christmas still to come.
"It is good to see that slightly less people are worried this year; however, there are still many dreading the festive period creeping upon us."
Wage analysis from the Trades Union Congress earlier this month revealed that people across the UK may continue to feel the squeeze for some time to come, as average salary levels are currently only one-quarter of the way through a 12-year dive.
It is therefore predicted that pay rates will not return to the level they were at in 2009 until around 2021.