Third of UK workers dip into savings to fund Christmas

34% of British workers plan on tapping into their savings in order to afford the holiday season.

That is according to new research from Sodexo Benefits and Rewards Services. The company commissioned OnePoll to carry out the survey, who polled over 1,000 people on how they would afford increased bills, food and Christmas gifts. A third stated that they would rather tap into their savings than fund the holidays through their wages or short-term savings.

The survey also reveals that half of the UK’s employed will make unsustainable and costly spending decisions this Christmas in order to fund the festivities, including the use of payday loans and credit cards.

The results didn’t vary from permanent to part-time workers. Jamie Mackenzie is the Marketing Director at Sodexo Benefits and Rewards Services. He argues that, while companies may have increased their financial education, employers should do more.