Women ‘more likely to set a Christmas budget’

The average spend here is �337
The average spend here is �337

Women are more likely than men to have set a budget for Christmas, but they are just as likely as men to bust it, a survey has found.

More than half (57%) of women budget for Christmas, compared with 46% of men, a survey from Hargreaves Lansdown found.

Among those who set a budget for Christmas, 57% of men and 57% of women said they end up busting it and spending more than they had planned.

Men overspend by an average of £177.80 and women by £135.30.

The research found men are more likely than women to dip into their savings or overdraft to pay for overspending or put it on a credit card or store card.

Women are more likely to cover any overspending with their disposable income than men.

Women are also more likely than men to splash the cash on Christmas presents, spending £340 on average, while men fork out £278 typically, the survey of more than 2,000 people across the UK found.

Meanwhile, men tend to spend more than women on going out to celebrate the festive season, at £66 on average, while women spend £50 typically.

The research also suggests people in Wales spend the most on Christmas presents, at £377 on average, followed by those in Scotland at £351 and gift-givers in the North East of England who spend an average of £345.

People in the East Midlands were found to have the lowest average spend on Christmas gifts, at £264.