19th December 2014
Generous pensioners will be spending £4.2 billion on Christmas this year.
British pensioners will spend an average of £400 each this Christmas on gifts and entertaining, with 53% – 5.8 million – hosting Christmas for their friends and families.
A total of £140 is spent on entertaining the family and the rest spent on presents. Two in five pensioners will push the boat out even further and spend £300 on presents, according to research by Prudential.
For 41% of pensioners, the festive season is when they spend the most time with their families, with 43% hosting their children, 29% will host their grandchildren and 10% will welcome friends to their home.
The majority of pensioners are sure to keep the cost of Christmas in check, with 59% saying they have to exercise restraint and 45% budget in advance. Nearly one in five have cut down their spending in recent years.
However, for 34% Christmas is still a financial burden and 30% are worried that the costs are increasing each year and 4% are already dreading the bills they will receive in the new year.
Prudential retirement income expert Vince Smith-Hughes said: ‘Christmas is traditionally a time for friends and families and it’s great to see that a majority of the over-65s are spending time with their loved ones during the festive holiday period.
‘Hosting Christmas Day celebrations is no mean feat at the best of times, let alone when you are a pensioner. While many people love spoiling their friends and families during the festive season, it is particularly important for pensioners to plan their Christmas spending carefully to ensure that they don’t overspend, only to leave themselves too short to enjoy their retirement to the full in 2015.’