According to new research by personal finance platform Nerd Wallet, shared exclusively with Express.co.uk, almost half of Britons did not have a budget in place for their Christmas shopping last year, with many likely to rely more heavily on debt.
An independent survey of 1,754 UK adults who celebrate Christmas, which was carried out in November 2020, found on average people expected to spend £285 on Christmas presents, down five percent on 2019 (£299).
Just under a third (32 percent) of people would buy Christmas presents on a credit card in 2020, while 12 percent said they planned to take out a loan.
Furthermore, one in five (19 percent) anticipate taking on more debt than usual over the upcoming Christmas period.
Among respondents aged between 18 and 34, this figure increased to 34 percent.
John Ellmore, UK director of NerdWallet, said: “The financial hardship brought about by the pandemic could see more people take on debt this Christmas.