Fifth of Irish people intend to fund Christmas spend with loans

The consumer watchdog advised the public to plan carefully and list everything they have to spend money on this Christmas, such as presents, food, drink, nights out and travel, and consider how many paydays they have left between now and Christmas. File picture: Larry Cummins

Up to 20% of Irish people intend to borrow money to fund their spending this Christmas, while households with children expect to spend around €1,600.

New research from the Competition and Consumer Protection Commission (CCPC) has also found that 22% of people who received gift vouchers last Christmas haven’t used them yet while 7% of 25- to 34-year-olds plan to use “buy now pay later” services to cover Christmas expenses.