According to a recent survey, around 70 per cent of the UK population say that they have yet to set their Christmas spending limit. Out of the 30 per cent with a set budget, 50 per cent stated that they would probably exceed it, while 35 per cent said they would stick to it and only 15 per cent expected to go under budget.
Nearly 60 per cent of the people taking part in this survey said that they were spending more than they should for Christmas this year.
Surprisingly almost 70 per cent of would be shoppers said they would pay with savings, while just around 30 per cent said they would offer up their credit cards.
The survey also asked questions about finance and financial management. Slightly more than 80 per cent reported that they thought they learned about the financial system since the recession.
Over 90 per cent expressed the need for schools to provide more and better education on finances and money management.
It seems that when it comes to the holidays, the majority of the population sees fit not to apply what it has learned. Even though economic times are tough and such a high percentage of those surveyed suggested that they had learned from the recession, still around 60 per cent said they felt they would spend more than they should.
This is a tale about consumer nations. Market forces, corporations, and advertisers drive spending to a point that, somewhere, it begins to exceed reason. We have to think why does 35 per cent of the population have a Christmas budget, if they expect to go over it?
Christmas might be an anomaly because of the spirit of giving. Let’s hope that is true and that we have not suffered these hard times and the ones to come, just to so quickly forget our lessons.