For immediate release
Millennials most vulnerable to post-Christmas debt as 33 percent plan to take out payday loans
- Brits plan to spend £14.2 billion on Christmas gifts this year
- Majority of Millennials will resort to borrowing funds for gifts this year
- Men are twice as likely to use short-term payday loans than women
15 December 2017- Research by price comparison site finder.com has found that 69.1 percent of Brits will rely on credit cards, borrowing from family or friends, or taking out payday loans to foot the Christmas bill this year.
According to a survey of over 2,000 Brits, Millennials are the most generous generation, planning to spend approximately £416.73 on Christmas gifts this year. However the survey reveals that Millennials are the most likely to spend beyond their means, as one in three (33 percent) will resort to payday loans and 55 percent will rely on credit cards to cover their Christmas generosity this year.
finder.com’s research found that compare to Millennials, just 7.9 percent of Gen X and 1.8 percent of Baby Boombers are plan to use short-term payday loans this year.
Men are slightly more likely than women to take out a loan, at 15.9 percent to 9.7 percent respectively. Men are also more likely to flash the plastic this year over women and are twice as likely to ask a friend or family member for help. 12.2 percent of men borrowing funds compared to only 6 percent of women.
In order to help Christmas shoppers with budgeting for their gift-buying this year, finder.com recently launched Icebox, a Google Chrome plugin that allows consumers to put their online basket items ‘on ice’ for more time to consider their purchases.
The Icebox plugin either replaces the ‘buy’ button or works as a pop-up on over 400 of UK’s top online stores including ASOS, Next and Topshop.
Jon Ostler, CEO of finder UK said: “For the two-week countdown to Christmas it’s those last-minute buys that can often be the most costly. It’s not too late to set yourself a budget based on what you can afford and finding the best price for the gifts your friends and family will love. Icebox really helps you to plan your online Christmas shopping by comparing prices of products across retailers and giving you that little extra time to consider your purchases.”
For more information about finder’s study, please visit the Christmas Spending Statistics page.
Check out Icebox here.
The information in this release is accurate as of the date published, but rates, fees and other product features may have changed. Please see updated product information on finder.com's review pages for the current correct values.
finder.com is a personal finance website, which helps consumers compare products online so they can make better informed decisions. Consumers can visit the website to compare utilities, mortgages, credit cards, insurance products, shopping voucher codes, and so much more before choosing the option that best suits their needs.
Best of all, finder.com is completely free to use. We’re not a bank or insurer, nor are we owned by one, and we are not a product issuer or a credit provider. We’re not affiliated with any one institution or outlet, so it’s genuine advice from a team of experts who care about helping you find better.
finder.com launched in the UK in February 2017 and is privately owned and self-funded by two Australian entrepreneurs – Fred Schebesta and Frank Restuccia – who successfully grew finder.com.au to be Australia's most visited personal finance website (Source: Experian Hitwise).