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Saving early for Christmas could ease cost of living crisis for UK families

Saving early for Christmas could ease cost of living crisis for UK families

Early festive savers enjoy better money management and wellness, finds study by Park Christmas Savings

Park Christmas Savings has released a comparative study on household budgeting habits and the results show early festive savers reap the biggest rewards, both financially and in terms of overall personal wellness.

The study comes as UK households face unprecedented financial burdens in the year ahead – rocketing energy bills, a rise in interest rates, a National Insurance increase and the cost of living going up.

However, research by Park shows how one area of UK household expenditure faced by millions could be eased – festive spending.

By spreading the cost of Christmas throughout the year, the study found Park Christmas Savings customers – recognised to be among Britain’s savviest festive savers – reaped a better sense of money management and a boost in wellness, including less stress.

Saving with Park is free and customers can deposit as little or as much as they can afford weekly or monthly, receiving the final amount in handy vouchers or gift cards before Christmas. These can be used at top high street stores, including supermarkets and online at hundreds of brands, too.

To produce the report, Park commissioned a YouGov poll comprising about 2,000 members of the general public alongside an identical poll of 8,900 Park customers, who typically start saving for Christmas early in the year.

Twice as many Park customers (49%) revealed they avoid feelings of “financial panic” by planning ahead, compared to 24% of the general public.

Over twice as many Park customers (36%) compared to the general public (17%) also shared they avoid feelings of ‘overwhelm and depression’ by saving ahead, suggesting their decision has a positive impact on mental health.

Savvy saving Park customers were also the least stressed among the two groups in the run up to Christmas 2021, with nearly a third saying they were not stressed at all, compared to 16% of the general public.

Compared to 20% of the general public, 44% of the Park customers revealed they avoid debt and overspending by starting a Park Christmas ‘savings pot’ early in the year.

Both Park customers (57%) and the general public (52%) had similar results in terms of how saving ahead for Christmas brings a sense of pride, control and organisation.

Katherine Scott, director of marketing at Park Christmas Savings said: “Here at Park we recognise UK families are facing increased financial challenges this year. This means every penny counts more than ever. Our comparison study reflects our customers’ strong values around responsibly covering the cost of Christmas for their families.

“By starting a Christmas ‘savings pot’ early in the year, budgeting with Park clearly brings peace of mind. For example, a new customer starting a plan in March, putting away £11.43 weekly, will have a £400 by the time Christmas comes around – taking the strain off finding funds in the run-up to December.”

To find out more about planning for Christmas 2022 go to: www.getpark.co.uk

Download the Park FREE budget planner here FREE PLANNER