A study of 2,000 adults found that 30% planned to reduce the amount they usually spent on gifts, food, drinks and parties during the holiday season.
And that’s a direct result of the rising cost of living – including higher energy bills – which 37% say have “gotten out of hand.”
Commissioned by Samsung to highlight how Christmas can be more financially manageable, the study found that 29% had “no idea” of how to reduce or control their energy bills.
Teg Dosanjh, Director of Connected Services and Technologies, Samsung UK & Ireland, said: “Millions of Brits are saying they are cutting spending this Christmas due to various pressures.
“Which is a clear warning that more mindful budgeting is likely to become a new way of life in 2022.
“In addition to the traditional costs of accommodation and gifts, rising energy prices and general energy consumption are a huge factor.
“Historically this is an area we haven’t been able to control, which is highlighted by a third saying they don’t know what steps to take in the right direction.”
“We hope this level of control will allow people to focus on the things that matter on the vacation: spending quality time with loved ones. “
The study found that respondents would expect to shell out an average of £ 25 per guest per day if they were hosting, especially for entertaining and feeding them.
But that doesn’t include the “invisible costs” of accommodation – like having the heating on longer, cooking more food than usual, or using more electronics.
On that note, 62 percent say their energy bills have risen significantly in the past 12 months – with 14 percent facing annual bills of up to £ 1,200 for electricity alone.
Lisa Conway Hughes, Independent Financial Advisor, said: “The nation has a pent-up desire to splurge on the Christmas festivities, but household costs are rising with rising costs for energy, food prices, tax hikes and credit cuts.
“In the past 18 months, one in five people have even missed their energy bills.
“But the good news is that Christmas doesn’t have to be cut down too much if people are getting on the right track with money management.”
It also emerged that while there are many who have no choice but to cut back on their party spending, 27% believe they won’t need it – because they’ve put money away. side all year round.
While 22% were able to save money by finding items such as food and gifts at discounted prices.
Teg Dosanjh added: “Christmas shouldn’t be about compromise. We want people to spend time with their friends and family without the anxiety of the hidden costs in the background.
“With discussions of raising the price cap for energy in 2022, it is encouraging to see that 40% of Britons have said that one of their New Years’ methods of ‘turning the tide financially’ would be to have better control over household spending.
“We hope that services like SmartThings Energy can make a small difference in helping them achieve this goal and ultimately take the right steps to reduce their home energy use. “
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This notice was published: 2021-12-14 19:48:16