UNiDAYS, the world’s leading student verification platform, has today released new data which highlights how the cost of living and other financial concerns are affecting their approach to spending this Christmas.
As the first academic term comes to a close, new data from UNiDAYS reveals that UK students’ worries about their finances may dampen their spirits in the run-up to Christmas Day. Of the over 1,000 students surveyed, over 80% said they were either very or slightly concerned about being able to buy presents for their friends and family this year.
The cost of living continues to affect students’ spending, both on their day-to-day essentials as well as bigger ‘spending moments’. Nearly half (49%) of students surveyed say that the cost of living has significantly affected their ability to buy Christmas presents this year – while only 5% say it has not affected their gifting plans at all.
Students are taking a proactive approach to navigating the financial costs of Christmas, as the new data shows that almost half (48%) of students surveyed plan to fund gifting through a part-time job. The data also indicates that students have factored Christmas spending into their wider budgeting, as 30% plan to dip into their savings to pay for gifts. Fewer students expect to use their overdrafts (6%), a credit card or loan (6%) or borrow from friends or family (10%).
Despite the squeeze on their purse strings, students are still looking to treat their loved ones this Christmas – nearly a third (32%) plan to spend more on presents compared to last year. This may be due to wider societal norms about the importance of gifting, or comparisons with their peers, with 77% of students surveyed saying they feel either “somewhat” or “a lot” of pressure to spend more on gifts than they can afford.
Alex Gallagher, chief strategy officer at UNiDAYS, said: “This new data offers further evidence of the financial pressures UK students are feeling and how this is impacting their spending beyond day-to-day student life in term time.
“As we edge towards the end of 2024, it is clear that students are still feeling high levels of financial anxiety as they look to navigate cost of living pressures. This being said, our research shows us that students are still motivated to give Christmas gifts and are taking steps to fund their present purchasing.
“Ultimately, the Christmas holidays should offer a chance for students to switch off and relax from the stresses of student life, not bring additional worry. By giving students the opportunity to save on some of their favourite brands, we can hopefully relieve some of the financial pressures of gifting and ensure they have an enjoyable festive period this year.”
