Around eight million Britons are beginning January with a spending hangover from Christmas, research suggests.
One in six (16%) people say they are likely to fall behind this month as a result of Christmas spending, up from 11% last year and an estimated 7.97 million people across Britain, according to research from National Debtline, part of the Money Advice Trust (MAT).
The survey of more than 2,000 people found more than half (55%) had not saved for Christmas before December, with only 14% starting to save before summer.
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The free debt advice charity has teamed up with the Association of British Credit Unions to urge households to make a financial plan for next Christmas, including working a budget and getting on top of any debts.
Joanna Elson, chief executive of the MAT, said January was a “challenging time” for many household budgets. “With millions expecting to fall behind in January, we want people to be financially prepared for the year ahead.”