The festive season may bring excitement and anticipation but also the pressure to overspend.
Starting from the black Friday weekend, our inboxes are flooded with all sorts of discounts and sales that convince us to spend on items we weren’t planning to buy. So when the festive period comes to an end and the new year rolls in, we may be left with problem debt and increasing money stress to deal with. Research conducted by Bank of England found that UK residents spend £700 over their typical monthly budget during the festive period.
Like a snowball going downhill, these money worries and debt can build up over time and become harder and harder to manage. This can lead to poor financial and mental wellbeing which can stop us having a peaceful time during the festive season. According to the Money and Mental Health Policy Institute, almost fourth fifths of people reported that their mental health concerns worsened due to financial worries.
MyBnk’s festive campaign
MyBnk’s “Stop the Snowball” campaign aims to help people manage their money before their financial difficulties snowball out of control and overshadow the festive spirit. Our campaign cover themes such as how to avoid overspending and its impact on financial wellbeing, managing expectations of young people, and money saving hacks for the festive period.
Follow MyBnk social channels to keep up with our festive content:
