Christmas Costs Close To £500 For The Average Brit

Christmas is always an expensive time of year – between presents for the kids, a turkey fit for a feast and enough booze to sink a small ship full of rum-swilling pirates, it’s no wonder most of us are feeling strapped for cash at the moment.

New research from the Policy Expert has found that the average British household spends £482 every year on presents alone.

Even though London is notoriously expensive, people in the capital actually spend the least amount during the festive period – just £297 – compared with the folks over in Northern Ireland who splash out a whopping £650.18 each.

Unsurprisingly, people in their 40s spend the most thanks to kids and extended families - £601 – with 41-year-olds spending a budget-busting £879 on average.

Pressure to buy the latest toys and go all out on Christmas Day isn’t easy to keep up with and many Brits admit to getting in to debt around this time.

According to a poll of over 3,000 homeowners, around 1 in 3 people (32 per cent) claim they end up in the red to keep up with Christmas with 11 per cent estimating that it will take them up to three months to pay their festive debt off.

Take a look at the rest of the stats around Christmas spending and while you’re at it, enter our amazing Christmas competition!