Special report: Christmas and New Year 2015

Christmas is about spending precious time with friends and family for many people rather than spending a lot of money on gifts. However, with the pressure to buy also a reality, examining the festive season budget is also important.

Brits are set to be the top spenders on presents this Christmas, with the average intended spend of EUR440 (GBP350) putting the United Kingdom the top of the ING Christmas gift league. Looking at results for the 11,716 people in Europe surveyed about Christmas, there is a clear increase in the planned spend on Christmas presents among those aged over 35 – when children and expanding extended families may also be included on the gift list. But a large number of people in Europe do not know how much they intend to spend on Christmas presents – a significant finding in itself.

In countries where a large share of people say Christmas “is the one time of year” they spend without worrying, it is also more common to see people saving money especially for Christmas. It suggests that while these nationalities feel freedom to celebrate without watching every penny, there is a larger financial plan in place.

Men are more likely than women to agree “Regardless of my financial situation, Christmas is the one time of year that I allow myself not to worry about spending”. There are also age differences, with people aged 18-to-24 years most likely to say they save money for Christmas.

Asked if they plan to spend more money on Christmas than last year, only 15% in Europe agreed. And 9% of people in Europe say they went into debt to pay for Christmas last year.

New Year resolutions are anecdotally often about kicking an unhealthy habit (such as smoking) or getting more exercise. The survey results suggest financial matters are also top of mind for many as they start the New Year. Of people in Europe who intend to make a New Year resolution for 2015, 77% say they will have one on a financial matter. But despite the good intentions in January, only 54% of European consumers who had a financial New Year resolution in 2014 say they kept it.

“Save more” is the most popular financial New Year resolution for 2015. And while making a New Year resolution on financial matters for 2015 is popular across all age groups, a particularly high share of under 35s do it. It is worth noting that the New Year resolution questions were asked at the end of the ING International Survey on Savings and, therefore, responses may be influenced by this framing.