How much does the average Christmas cost us

Christmas can be a personal finance nightmare for many people, with the average Brit spending £2,200.48 over the festive period last year, according to insurer Cornhill Direct.

The huge cost of presents, food, drinks and parties means that an 18-year-old who lives to the average age of 78.5 would pay a whopping £133,129.04 across their lifetime - and that doesn't take into account inflation!

The poll of 4,000 people revealed that £693.05 a year is spent on presents for loved ones, £337.27 on presents for friends and £45.45 on people such as the neighbours, tradesman or postman. A third of people go into debt every Christmas in a bid to make it the best year ever.

A fifth meanwhile say they're often still trying to break even by the following March and one in 10 are still in debt by the next Christmas.

In addition to presents, folk also indulge heavily on food and drink each year, spending £269.48 on festive food and a further £180.24 on alcohol - that's a collective total of £449.72 a year, or £27,208.06 over 60.5 years.

Party-goers across Britain will also be digging deep into their pockets at Christmas, spending at least £202.48 during December and £12,250.04 across their lifetime.

But while Christmas is an enjoyable time of the year, it is also common for things to go wrong. Official recorded crime statistics suggest an increase in domestic burglaries during the coldest and darkest months of the year.

Insurers expect a large number of claims for the loss of Christmas presents following burglaries. Therefore householders should check that their contents insurance accounts for the extra value of the items in their home during the festive period. Worth noting is that some insurers increase cover by 10% during December at no extra cost.

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