FSA advice for binge spenders
02 January 2008 17:24:45
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| Figures published by FSA show two- thirds of Britons don?t know true cost of Christmas |
The Financial Services Authority (FSA) yesterday published figures showing that nearly two-thirds of Britons do not know how much Christmas will really cost them. Those that do know will have spent more than they meant to.
The regulator’s figures also showed that 48% of people were more interested in booking their holiday or going on a diet than trying to pay off their existing debts. Additionally, the FSA found that those aged between 16 and 44 are most likely to have spent more than they can afford and a quarter of them are worried about receiving their bills in January.
FSA director of financial capability, Chris Pond said: “Sorting out your budget isn’t the most interesting thing you will do after Christmas, but it could be the most important. The consequences of not managing your money properly can be devastating. If you don’t make payments on time it can affect your credit history and at worst put your home and even relationships under pressure.”
This survey of Christmas spending was the first of its kind conducted by the FSA and involved asking a nationally representative sample about their experiences in the month leading up to Christmas.
The results come as banks and other financial institutions begin to limit access to loans. The survey found that loans and credit cards were needed for almost a quarter of Christmas spending. 76% of people did, however, make sure that they had enough money for Christmas before starting their shopping.
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