Half of Brits already worried about affording Christmas 2023

A see through jar with pennies in it sits on a table wrapped in Christmas ribbon and a bow on top. (Getty Images)
Only 21% of Brits start saving for Christmas months in advance. (Getty Images)

Christmas may have only just happened, but many Brits are beginning to worry about the cost of this year's festivities.

According to a new survey, half of Brits are worried about affording Christmas 2023, with 42% of respondents admitting they struggle to budget for the festive holiday.

The survey of 2,000 people, commissioned by budgeting experts Park Christmas Savings, found that the number of people struggling to budget for the festive season has risen in recent years and, due to the ongoing cost of living crisis, two in five people won’t be able to start saving for Christmas until November.

Read more: Easy 1p challenge will save you £667.95 this year

However, half of Brits (46%) have said they want to be better prepared financially for Christmas this year, but just 21% of respondents actively save for the festive season each year.

Just 12% of Brits begin saving for the holiday period during the first three months of the year - but a budget expert says getting ahead with saving this could be the key to making sure your next Christmas is stress-free.

Watch: How to save money on a low income

“Affording a realistically priced Christmas is always difficult - and the ongoing cost of living crisis is understandably making the annual expenditure even more challenging for many,” Katherine Scott, director of marketing at Park Christmas Savings said.

“The good news is that, through savvy financial planning and getting ahead of the game, you can navigate the choppy financial waters to ensure an affordable and stress-free Christmas.”

A roasted turkey sits on a table. (Getty Images)
Christmas can be an expensive time of the year. (Getty Images)

Read more: Easy ways to cut costs at Christmas

One way that Brits could save money for this festive season could be by following the “1p challenge” method.

The easy method, which has been recommended on MoneySavingExpert forums, sees people saving 1p on January 1, then 2p on January 2, eventually reaching £3.65 on December 31.

By the end of the challenge you should have a total of £667.95 in your savings pot, which should partially or completely cover the Christmas period.