While the majority (88.4%) of Brits find Christmas to be an expensive time of year, one in 10 (9.8%) confess to spending over £1,000 during the festive period – equating to 46% of the average professional’s monthly salary*. That’s according to the latest data from CV-Library, the UK’s leading independent job site.
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 91.6% spend their salary on Christmas presents for friends, family and colleagues
- While over half (58.3%) of professionals fork out their wages on Christmas dinners
- Four in 10 (44.3%) Brits flash their cash on festive social events, with a further 36.8% stating that their money goes on New Year’s Eve celebrations
- And finally, 39.8% 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 50.3% of Brits saying that they start budgeting for Christmas early, it’s clearly an expensive time of year. Almost half (47.8%) of professionals spend anywhere between £200 to £500 and a further one in five (21.6%) spend between £500 and £900. This culminates in a staggering one in 10 (9.8%) 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