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Cautious Consumers having a ‘Tight' January says Money Shop
Early December pay day prolongs January financial hangovers says spending survey
- Nearly two fifths (37 per cent) of women get paid earlier than usual in December compared to a third of men (31 per cent) causing financial difficulty in January
- Over half (51 per cent) of 25-34 year olds received their monthly salary earlier in December than every other month
- Half (50 per cent) of men and 55 per cent of women believe an early December pay day puts them under additional financial pressure until their January pay day
- 25-34 year olds feel it the most with seven out of 10 (71 per cent) under pressure
Over half of UK workers would request their December pay day be the same date as every other month if they were given the option, easing financial woes in January brought on by the expense of the festive period.
A new survey from instant cash provider The Money Shop also reveals that workers aged 25-34 (71 per cent) face the stiffest challenge to make ends meet between December and January pay dates. 63 per cent of 35-44 year olds also admitted to struggling to manage their finances in January.
Men seem to be able to make their money go a little further with a third (34 per cent) battling to manage until January's pay cheque. The lure of the high street sales may prove a little too appealing to women - with 40 per cent finding it harder to survive until the end of January.
And those expecting to live the party lifestyle in between Christmas and New Year were more like party poopers as £300 is what most people budgeted for during this time.
Between Christmas and New Year, 52 per cent of men spent upto £300 compared with 62 per cent of women. Overall, 29 per cent of men and 38 per cent of women were working to a significantly lower festive budget in 2010 than they were a year ago. Despite this the fairer sex still managed to live up to their shopaholic reputations to outspend their male counterparts.
A quarter pushed the boat out further by spending up to £600, with Londoners being the most generous (36 per cent spent between £300-£600). Northern Ireland is the most frivolous with 12 per cent of people spending between £1,000-£2,000.
One in ten admitted that to spread the cost they spent more post Christmas in the sales and online on Christmas Day in order to bag the best bargain gifts.
When it comes to surviving the January blues, virtually half (48 per cent) have resorted to a make do and mend philosophy. 16 per cent rely on their credit cards until the light appears at the end of the January tunnel, 14 per cent will resort to their overdraft facility, 11 per cent will dip into savings and 4 per cent will take out a pay day loan to cover any emergency purchases.
Getting back on track can take a couple of months after the festive dust has settled with 21 per cent of people back in pocket usually within two months. For an additional 10 per cent the wait can be a little longer, taking up to six months before all their finances are back in order.
Andrew Bryan of The Money Shop, the UK's leading instant cash provider said: "There are plenty of positives to be taken from these findings. Consumers appear to be taking sensible measures to save money where they can. Our research show that people were more worried about this Christmas than they were 12 months ago with 17 per cent more concerned than they were in 2009. With over a third (34 per cent) actively tightening their belts for a thrifty Christmas, one in ten (11 per cent) have concerns about energy bills impacting early in the New Year. What's more an increasing number of people are looking at alternatives to tide them over until the next pay day such as pay day loans and pawnbroking rather than relying on credit cards and overdrafts to cover the cost of Christmas."
Despite a more cautious approach to Christmas 2010, 21 per cent were adamant that they would not sacrifice a festive family party and 19 per cent said they wouldn't scrimp on decorations and a real tree. New Years Eve Celebrations and nights out with family and friends is where most made their cuts with just one in ten unable to go without.
Mr Bryan added: "January is a challenging month for most people with a nearly fifth (17 per cent) opting for a back to basics Christmas in 2010. With financial pressures such as rising costs and worries over job security this is hardly surprising. With one in ten confident that 2011 will be a better year for them financially and 14 per cent making a family holiday the main priority for this year things are definitely looking up."
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