Britons spend nearly half their salary on Christmas celebrations

Brits spend up to 46 per cent of their monthly salary on Christmas celebrations and one in 10 reveal that they spend over £1,000 during the festive season.

While the majority (88 per cent) of Brits find Christmas to be an expensive time of year, one in 10 (10 per cent) confess to spending over £1,000 during the festive period – equating to 46 per cent of the average professional’s monthly salary*. That’s according to the latest data from CV-Library.

The survey of 1,100 UK workers sought to uncover just how much the average professional spends over the Christmas period and where their money goes. When asked what they spend most of their salary on during the festive season, respondents said the following:

• An overwhelming 92 per cent spend their salary on Christmas presents for friends, family and colleagues
• While over half (58 per cent) of professionals fork out their wages on Christmas dinners
• Four in 10 (44 per cent) Brits flash their cash on festive social events, with a further 37 per cent stating that their money goes on New Year’s Eve celebrations
• And finally, 40 per cent will put their wages towards travelling to see family

Lee Biggins, founder and managing director of CV-Library, comments:

The festive season can be costly, especially if you’ve filled your social calendar with dinner dates and Christmas parties. That said, with Brits spending as much as half their December pay packet on these festivities, it’s important to take these costs into account. The last thing you want is to start the New Year with the weight of Christmas still tugging on your purse strings.

Despite 50 per cent of Brits saying that they start budgeting for Christmas early, it’s clearly an expensive time of year. Almost half (48per cent) of professionals spend anywhere between £200 to £500 and a further one in five (22 per cent) spend between £500 and £900. This culminates in a staggering one in 10 (10 per cent) spending over £1,000.

Biggins concludes,

While it’s understandable that you want to spend time with your loved ones and partake in the usual traditions such as roast dinners and gift-giving, it’s vital that this doesn’t come at a huge expense to you. Instead, remember what is really important at this time of year and be wise with your spending

*Based on average salary of £33,500 and taking into consideration tax, national insurance and other deductions