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article imageStudy: Adults spend £20,000 on Christmas over 50-year period

By Andrew Moran     Dec 13, 2012 in Business
London - A new British study found that the average adult spends £20,000 ($32,259) during the course of a 50-year period, usually their working life, on Christmas. This amount is roughly one year's salary for the average worker.
How much will you be spending during the Christmas season? Studies have found that the average consumer will spend between $700 and $1,600 this year, including parents who will spend $271 per child. Whatever the price may be, it may perhaps be a huge sum by the time you retire.
On Wednesday, a study conducted by National Employment Savings Trust (NEST) and Moneysupermarket.com was released that showed consumers will be spending a total of £20,000 ($32,259) during their 50-year working life just on Christmas.
This year, Britons will spend on average £445 ($717), which is up from £437 ($704) a year ago.
“It’s shocking that it will cost many of us the equivalent of a full year’s salary over our working lives,” said Helen Dean of NEST in an interview with the London Telegraph. “No wonder spending at this time of year is such a concern for so many families.”
The research suggested that many are aware of the long-term costs associated with the holiday season.
According to the study, more than three-quarters (77 percent) of respondents said they were worried about the price-tag involved with Christmas, while more than half (52 percent) noted that they usually spend too much during the holidays. It can become so overwhelming that eight percent have to take out a payday loan to pay for gifts.
There are five tips that most financial experts recommend to take throughout Christmas:
- Budget
- Schedule
- Spend within your means
- Never take your credit card to the mall
- Relish in the true meaning of Christmas
More about National Employment Savings Trust, Christmas, Spending, Moneysupermarketcom, Great britain
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