1 in 7 Sheffielders said they'd 'spend now, worry later' at Christmas
In the run-up to the festive season, personal account provider thinkmoney did some research* about Christmas spending habits all over the UK.
There were some interesting findings about sentiments in the Sheffield area. For example, it seems 14% of Sheffielders (that's nearly 80,000 people) were planning on spending what they wanted at Christmas, and worrying about the consequences later. This was nearly double the UK average (8%).
Maybe it's because they felt obliged to spend a certain amount on gifts - even if they couldn't afford it (18% said this). Again, this was higher than the UK average (14%).
But that doesn't mean we don't worry about the cost of Christmas (especially the presents). 75% of people in Sheffield were worried about the cost of gifts and socialising this Christmas - compared with 64% of people across the UK. The next-biggest worry was the higher food cost, with 35% of Sheffield residents concerned about this, followed by gas and electricity for the home (26% were worried).
It's not all doom and gloom, though. A higher proportion of people in Sheffield (20%) said they save throughout the year for Christmas than the UK average (17%). 41% said they always lived within their means, even at Christmas.
Ian Williams of thinkmoney said: "Everyone gets tempted to spend more at Christmas, which is absolutely fine - as long as you can afford it. If you find that you struggle to afford Christmas each year, you should consider changing your budgeting habits.
"For example, 28% of Sheffielders said they budgeted properly so they were confident they could afford Christmas, which is really encouraging. One way to do this is to set up a Direct Debit at the beginning of each year, so that an amount you can afford goes out each month into savings. That way, when Christmas rolls around, you'll hopefully have enough put aside.
"People in Sheffield found they spent the most on presents (82%) and food (8%) over the festive season, so it's important to factor these costs into your Christmas budget."
* Opinion Matters interviewed 1,478 UK adults between 24th and 31st October 2012.
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Weather for Sheffield
Sunday 19 May 2013
Temperature: 9 C to 17 C
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Wind direction: North
Temperature: 9 C to 16 C
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Wind direction: North