The festive season should be a time for joy, relaxation and frivolity – we’re talking mince pies for breakfast, cheesy Christmas movie marathons and wearing outfits with more sequins than is deemed appropriate at any other time of the year.

All the adverts tell us this is the most wonderful time of the year, and yet nearly half of all British women spend the holiday season stressing about money.

New research from financial wellbeing app RiseUp found that over a third of Brits say Christmas spending negatively impacts their mental health, with that number rising to 42% for women.

Even more worryingly, of the 2,000 people surveyed, 16% said they felt constantly financially stressed during the festive season, and over a third believe that spending during the holiday season harms their mental health.

It’s a common struggle at this time of year. On the one hand, we want to say yes to every invite and gift our loved ones the presents they deserve, but opening your banking app and seeing the numbers going down becomes increasingly scary as the month goes on and payday still looms far away.

According to the survey, our main sources of anxiety comes from balancing holiday spending with regular bills, being unable to afford gifts loved ones have asked for and spending less on presents than another family member.

Because of the pressure to keep up fiscally, almost half of us run out of money before December payday, with that figure rising to 65% among millennials and 62% for Gen Z.

As such, over half of us (55%) plan to curb our spending this festive season to claw back some financial security at Christmas.

The research found that we spend an average of £310 on Christmas presents. Millennials are the biggest spenders, with an average of £335.32, while Gen Z spends the least, at an average of £225.45.

“It’s shocking that nearly half of the UK runs out of money before their December payday, leaving millions of people financially stressed,” said Tamara Harel-Cohen, co-founder of RiseUp. “In challenging economic times, this issue feels normalised and accepted. However, that combined with poor relationships with money means that it can significantly affect our wellbeing.”

Ultimately, Christmas shouldn’t feel like yet another source of pressure. If the thought of making your funds stretch until payday is keeping you awake at night, talk honestly and openly with friends and family about your concerns. You could try setting an agreed budget limit for gifts or setting a one-present policy per person or couple. As for festive outings, instead of heading out to a bar or the pub for drinks, suggest hosting a cocktail evening at home instead. And when hosting, encourage a pot-luck style approach where everyone contributes food or drink to the festivities.

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