Who Spends More for Christmas, Women or Men? MoneyMagpie Survey Reveals All

Annie

2nd Dec 2024

Studying Time: 3 minutes

Within the third revelation of MoneyMagpie’s latest survey of 2000 folks and their attitudes in the direction of Christmas funds, ladies are underneath the most important monetary stress this time of 12 months. They not solely spend extra but additionally usually tend to depend on not instantly paying off bank cards to afford the festive season. Maintain studying to find the main points and extra fascinating info from the survey.

Nearly a 3rd of ladies (27.1%) spend over £500 for Christmas, in comparison with 21.3% of males. Males have been almost definitely to spend the least, with 55.6% spending £300 or much less, in comparison with 45.3% of ladies spending underneath the identical quantity. When wanting on the supply of festive spending, 32% of males use bank cards however have been extra doubtless by far (60%) to pay their card off instantly too, suggesting using credit score is extra about buy safety than revenue or financial savings limitations. Slightly below a 3rd of ladies (28%) use bank cards, however solely 45% may afford to pay theirs off instantly, as an alternative selecting to pay in instalments into the brand new 12 months.

Age and Funds

Age has one thing to do with these figures, too. Youthful folks underneath 30 have been extra prone to plan forward with their financial savings (69%) with this quantity steadily lowering throughout age brackets to 35% of over 60s. As folks age, they’re extra prone to both use their very own revenue or a bank card in comparison with saving.

MoneyMagpie Editor and monetary skilled Vicky Parry stated: “There’s a transparent disparity between ladies who spend extra however depend on deliberate financial savings or credit score use and males who’re extra doubtless to make use of their present revenue to pay for the festive season, even when they use a bank card.

“The small prices of Christmas similar to festive meals, stocking fillers, and social actions add up rapidly, and the survey traits replicate the gender pay hole impacting ladies at Christmas. The gender pay hole is at present a mean 7% within the UK (and ladies usually tend to work part-time jobs with decrease general revenue). Utilizing bank cards and delaying reimbursement mirrors revenue traits, as males are extra doubtless to have the ability to afford to pay their card off instantly.”

Save Cash at Christmas

If that you must preserve your spending in test this Christmas, there are some things you are able to do.

1. Set gifting limits, comply with solely purchase for kids, or prepare a household or pals Secret Santa so that you solely pay for one present as an alternative of many. Try our Christmas Present Information Underneath £50 for inspiration.
2. Somewhat than spreading your self skinny throughout numerous (costly) social actions over the vacations, attempt to prepare one or two bigger gatherings – they don’t all must revolve round food and drinks, both. You could possibly meet mother and father on the mushy play park for instance, or arrange some winter rounders or footie within the native park to let off some steam and catch up on the similar time.
3. Say no. Be up entrance about what you may and may’t afford: the individuals who love you’ll perceive and discover alternative routes to accommodate you, and the individuals who kick up a stink aren’t those you wish to spend your Christmas holidays with anyway!
4. Do not forget that younger youngsters gained’t perceive a load of Christmas items, whereas older youngsters don’t want numerous knick knack items – concentrate on high quality over amount.