Results from MyState Bank found two-thirds of Australians believe Christmas to be a stressful time on their finances, with nearly half admitting they do not have a budget for the extra expenses on gifts, food, alcohol and decorations.
This is leading to more than one in five saying they will struggle to pay January’s bills.
Commenting on the findings, Heather McGovern, MyState general manager of digital and marketing, said, “Concerningly, our research revealed that many Australians are willing to go into further debt to ensure they have a happy festive season.
“This indicates the considerable financial pressure many Australians are feeling at this time of year.”
Despite being tipped to struggle, a separate Finder survey showed Australians that can spread their budgets further during the festive season can cash in later in the year.
According to Kate Browne, personal finance expert at Finder, Australians should “stock up on presents during the sales and save yourself some cash down the track”, adding that it “pays to jump online the night before and check for any early Boxing Day deals”.
“Some retailers are kick-starting their sales online during Christmas Day. This means eager shoppers can swoop in a day early and beat the crowds,” she said.
“Other stores will launch their Boxing Day sales from midnight onwards. But if you’re planning to shop in-store, you’ll need to wait until trading starts in the morning.”
Ms Browne said shoppers should exercise a degree of caution at the checkout and be selective about where they purchase.
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