One in six Britons confront Christmas spending hangover going into January

About eight million Britons are likely to be entering January with a spending hangover from Christmas, research suggests.

One in six people said they were likely to fall behind this month as a result of Christmas spending – an increase from 11 per cent last year to 16 per cent.

That equates to an estimated 7.97 million people across Britain, according to research from National Debtline. The debtline is run by charity the Money Advice Trust (MAT).

The survey of more than 2,000 people found more than half (55 per cent) of people had not saved for Christmas before December arrived. Only 14 per cent started to save up for the extra costs of Christmas before last summer.

The free debt advice charity is urging households to make a plan for next Christmas, including working to a budget and getting on top of any debts.

MAT chief executive Joanna Elson said: “After the celebrations of the Christmas period, January is a challenging time for many households with the impact of festive spending taking its toll on household budgets.

“With millions expecting to fall behind with their finances in January, we want people to be financially prepared for the year ahead.”