Millennials Most Vulnerable to Post-Xmas Debt as 33 Percent Plan to Take Out Payday Loans
- Brits plan to spend £14.2 billion on Christmas gifts this year
- Majority of Millennials will resort to borrowing funds for gifts this year
- Men are twice as likely to use short-term payday loans than women
Research by price comparison site, finder.com has found that 69.1 percent of Brits will rely on credit cards, borrowing from family or friends, or taking out payday loans to foot the Christmas bill this year.
According to a survey of over 2,000 Brits, Millennials are the most generous generation, planning to spend approximately £416.73 on Christmas gifts this year. However the survey reveals that Millennials are the most likely to spend beyond their means, as one in three (33 percent) will resort to payday loans and 55 percent will rely on credit cards to cover their Christmas generosity this year.
finder.com’s research found that compare to Millennials, just 7.9 percent of Gen X and 1.8 percent of Baby Boombers are plan to use short-term payday loans this year.
Men are slightly more likely than women to take out a loan, at 15.9 percent to 9.7 percent respectively. Men are also more likely to flash the plastic this year over women and are twice as likely to ask a friend or family member for help. 12.2 percent of men borrowing funds compared to only 6 percent of women.
In order to help Christmas shoppers with budgeting for their gift-buying this year, finder.com recently launched Icebox, a Google Chrome plugin that allows consumers to put their online basket items ‘on ice’ for more time to consider their purchases.
The Icebox plugin either replaces the ‘buy’ button or works as a pop-up on over 400 of UK’s top online stores including ASOS, Next and Topshop.
Jon Ostler, CEO of finder UK said: “For the two-week countdown to Christmas it’s those last-minute buys that can often be the most costly. It’s not too late to set yourself a budget based on what you can afford and finding the best price for the gifts your friends and family will love. Icebox really helps you to plan your online Christmas shopping by comparing prices of products across retailers and giving you that little extra time to consider your purchases.”
For more information about finder’s study, please visit www.finder.com/uk/christmas-spending-statistics.
To find out more about Icebox, visit https://www.finder.com/uk/icebox.
Notes to editors:
- Jon Ostler, CEO (UK) at finder.com is available for comment, opinion or interview regarding this research.
- Survey of 2,000 adults across the UK, carried out by Mortar London on behalf of finder.com
For further press information, please contact:
Yasmine Triana/Aaryn Vaughan
T: +44 (0)20 3440 8930
E: [email protected]
finder, Australia’s #1 comparison site, launched in the UK in February 2017.
Founded in 2006, finder has over three million MUUs and has helped consumers make 15 million decisions over the past decade.
finder is entirely independent, offering consumers unbiased content, comparisons and, wherever possible, a full market view.
So much more than just a comparison site, finder provides in depth guides, advice and editorial content to help consumers better understand all the options and products available.
Committed to educating and empowering consumers to make informed choices and ultimately, to make savings, finder’s success is based on the provision of up to date and relevant information supplied by dedicated, round the clock research teams.
Categories currently available in the UK include money transfers, travel money, gas & electricity, mobile, broadband, and TV streaming. New products (including insurance, credit cards, loans, mortgages and pensions) will be rolled out over the coming months.
finder now operates in 10 countries including: the UK, Australia, New Zealand, USA, Canada, Hong Kong, Singapore, Chile, Spain and Mexico, and employs over 120 staff worldwide.