Half of Scottish Parents ‘Feel the Financial Strain of Christmas Spending’
December 2, 2015
A majority of parents living in Scotland find it challenging to manage their money around Christmas time and cut back what they spend on themselves in order to buy gifts for their children.
That’s according to a recent survey that also found that one in three parents in Scotland finds it difficult to ensure that their money lasts until the end of December, with Christmas spending taking its toll.
The research was carried out by the charity group Action for Children and it revealed that some 46 per cent of Scottish parents struggle even to cover the costs of essentials for their children in the build up to and during Christmas.
Action for Children has said that its research highlights just how difficult a period Christmas can be for parents and for families in Scotland and throughout the UK.
“Parents want to give their children a magical Christmas and this places a lot of pressure on them to spend,” said Paul Carberry, Action for Children’s director of children’s services in Scotland.
“When so many parents already struggle to make their money last with everyday living costs, Christmas can spark a crisis of stress, bills and debt,” he said.
Carberry’s advice to parents who are currently worried about their finances is to seek guidance and support before Christmas rather than in the New Year.
“Parents worried about their money situation should seek help now to prepare for Christmas and to avoid the dreaded day in January when the credit card bills land on the mat,” he said.
Among the advice offered by Action for Children to anyone struggling financially around this time of year is to make and adhere to pre-determined spending plans.
The charity also suggests that anyone with multiple debts should look to prioritise repayment of whichever of them is proving the most expensive to maintain.
Action for Children polled more than 2,000 people from around the UK as part of its recent research into the financial concerns of parents as Christmas approaches.
If you live in Scotland and you are finding it difficult to retain control of your finances then Scotland Debt Solutions can help. Call one of our offices around the country to find out how.
Your personal credit score plays an important part in securing new loans and credit, and can affect your financial life for better or worse. Lenders use the information in your credit file to determine whether you present a high risk of default, and if your credit score is low, you may find it difficult to […]
Credit unions offer a range of financial products including current accounts, savings accounts, and loans, and can be a good alternative to banks and building societies whilst also helping your cash flow. There are credit unions all around the UK, almost 100 of them operating in Scotland. They’re not always widely advertised, however, and although […]
It’s a worrying situation when you realise your outgoings exceed your income, and it can be difficult to prevent debt in this situation, but there are solid steps you can take to get back on track – you just need to act quickly. Increasing your income or reducing the money going out are essentially what […]
If you’ve lost your job, state benefits and tax credits can provide vital financial support to see you through this tough time and help you avoid taking on too much debt while you look for more work. As far as your old employment is concerned, it’s important that you check your final wage slip to […]
If you are a Scottish resident in financial difficulty, you may have entered into a Trust Deed in order to restructure debt repayments to creditors. A Trust Deed is a fixed voluntary agreement made between the debtor and creditor, with the help of a trustee. Debt is broken down into smaller, affordable instalments, typically lasting […]
A Debt Arrangement Scheme (DAS) is a government backed scheme which allows you to repay debt through contractual, monthly instalments without the threat of legal action and incurring penalties or interest. The scheme was established in 2004 for Scottish residents in debt, providing an alternative solution to sequestration, the Scottish equivalent of bankruptcy. A Debt […]