Christmas lights glinting through windows are a familiar sight in dusky December. But this year, many of these traditional decorations may remain firmly switched off.
One in five (20%) people will be turning their festive lights on for fewer hours of the day than usual this season – and some will be having no Christmas lights on at all, as people look for ways to keep their bills down, according to new research from HSBC UK.
The bank found that many people will be cutting back in the run-up to Christmas Day this year, as well as on the day itself.
Social occasions leading up to Christmas are being scaled back too, with 28% of people surveyed for HSBC UK planning on attending fewer festive gatherings than usual.
Some people may also not see loved ones as much as they would normally, with 17% reducing the amount of travel to see family in the run-up to Christmas.
The research also found that nearly a quarter (24%) of young professionals aged 22-35 plan to work in the office more to save on energy bills at home this winter.
Nearly half (45%) of people generally plan to buy more warm clothes to wear in the house, to save on heating bills, and nearly one in five (18%) are spending more time out of the house than they normally would.
The survey of more than 2,900 people also reflected people’s careful budgeting when Christmas shopping, with more than half (52%) planning to cut back on presents, more than a third (37%) buying cheaper food this year, and over a quarter (27%) spending less on Christmas decorations.
“Christmas is one of the most expensive times of the year, so it’s no surprise that people are looking to cut costs this year,” says Steve Reay, head of financial wellbeing at HSBC UK.
“For anyone worried about their finances this Christmas and in the run-up to winter, it’s important to understand how your bank may be able to help,” he adds. “We offer many support resources, from financial health checks with our financial wellbeing team, to webinars and digital resources to help budget.”
People can also seek help with money matters on the Government-backed MoneyHelper.org.uk website or contact a debt help charity such as StepChange (stepchange.org). Information about the package of support available, with energy and other costs, can also be found on the gov.uk website.
