46% of over-55s say Christmas causes 'financial strain'

Christmas is an unavoidably costly time of year for many parents: from buying the latest 'must-have' gifts for the kids and decorating the house, to providing food and drink for all the family. However, new research from Aviva has indicated that many grandparents may also be under financial pressure during the festive season.

With Aviva's Real Retirement Report indicating that average monthly household incomes for retired people have fallen to £1,216, 50% of those aged 55 and older say they find Christmas a financially stressful time.

Furthermore, 46% of retirees feel that covering the cost of Christmas is a strain on their finances, with 40% saying that they miss out on some of the enjoyment of the festive period as a result.

Yet, despite such concerns about covering the seasonal spend, it appears many grandparents aren't holding back. 90% of retirees with grandchildren will be buying them all gifts for Christmas, with more than half spending at least £30 on each grandchild.

A spokesperson for debt management company Gregory Pennington commented: "Retirees could help themselves to reduce financial stress by keeping to a tight budget, or if they choose to borrow, have a financial plan in place to ensure they can repay everything they owe and avoid debt problems."