Christmas cash conversations
MoneyHelper offers guidance for talking about money at Christmas.
Who pays for your Christmas meal?
New research from the Money and Pensions Service (MaPS) shows that if you’re from Gen X or a Baby Boomer then you are likely to be paying the most for your main Christmas meal this year.
Alongside the rest of Christmas: the gifts, decorations, work parties, and family days out, this adds further costs to an expensive time of year.
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That’s why it’s important to have cash conversations at Christmas. Gavin Morris, Regional Manager for the East Midlands at MaPS, offers tips on how to do that using MoneyHelper for support.
Who is paying for the main Christmas meal?
We found that across the UK, people aged 55-64 are paying two thirds (64%) of the cost on average.
Those aged 65+, will be paying 61%, and those aged 45-54 will pay 58%, meaning Gen X and Baby Boomers are facing the lion’s share of the cost.
We should be talking about money with our friends and family all year round to see the benefits – but even more so at Christmas, which is a particularly expensive time.
If you’re footing the bill for the meal this year, talk to your guests about bringing desserts or drinks to lighten the financial load.
Christmas cost-cutting conversations
It’s not too late to talk about the cost of the holiday season.
Talk to your partner or family about what your priorities are over the next few weeks. Don’t forget, with the New Year approaching and children off school, the cost of this time of year doesn’t end on 25th December.
Figure out your budget and pick and choose the events you can afford. This way you can enjoy the next few weeks without worrying about overspending.
Use MoneyHelper’s free Budget Planner to help work out what you can afford at this time of year.
How to have the money talk
Our research also shows that the host mainly pays for the meal, with more than 4 in 10 hosts (44%) saying that other guests don’t bring any food or drink with them to help.
If you’re the one hosting and paying for the Christmas dinner, see if other family members could bring desserts or drinks to lighten the financial load.
Talk about any plans you have after Christmas too. Be honest with friends and family members about what you can afford to do.
If it’s a subject you’re feeling nervous about, it's a good idea to have a plan. Decide where and when to meet in advance and practice the conversation out loud, so you know what you want to say.
Visit MoneyHelper.org.uk for guides on how to talk to friends and family about money.
Remember: you’re probably not alone
You’re probably not the only one who feels concerned about money at this time of year.
Talking about it can make you feel less alone, and others might be grateful that you’ve brought up the conversation so they can air their thoughts and feelings too.
Visit MoneyHelper.org.uk for more practical tips and guidance on how to talk about money, including some helpful conversation starters.