Early Christmas pay cheques are seen as a curse rather than a blessing by nearly one in three Britons – as many will end up blowing their festive windfall too early, research has found.
Some 31 per cent of people surveyed for Comparethemarket.com said they believe that receiving a pay cheque in December earlier in the month than at other times of the year made it harder to manage their finances.
The research among 2,000 people for the website also suggested that 28 per cent of cash-strapped Britons said the pressure on their finances will be eased by their families hosting them for Christmas.
Comparethemarket.com has a partnership with the University of Sheffield called the Institute of Inertia, which looks at consumers’ financial habits and behaviour.
Dr Thomas Webb, a social psychologist and chair of the Institute of Inertia, said: “People are filled with a false sense of festive financial confidence.
"To prevent a miserable start to 2016, people need to be more realistic about how far their money will stretch at Christmas time.”
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