Fuel, energy and food prices have all soared in recent months due to the cost of living crisis and those residing within the UK rental market have also seen the cost of their rent increase - up by 3.7% across England, 3.2% across Wales, 4.2% in Scotland and 9.1% across Northern Ireland.
With those in the rental market feeling the financial strain on all fronts, it’s no surprise that a survey commissioned by Ocasa has found that 64% are worried about the upcoming Christmas period and the additional costs that come with it.
So much so that 78% stated they will be scaling back their Christmas plans in order to reduce their spending and help them better tackle the increased cost of living.
Presents ranked as the most common area of their Christmas spending that they planned to scale back on, followed by the Christmas food shop and going out and socialising.
What’s more, 51% of those surveyed said they would avoid hosting family and friends this Christmas due to the higher cost of living, while 41% won’t be able to cover the cost of travelling to see their friends or family, resulting in them spending Christmas at home alone.
Jack Godby, Sales and Marketing Director at Ocasa, commented: “It may be the most wonderful time of year for most, but for some Christmas is an incredibly tough period, especially those struggling financially or from loneliness.
"Unfortunately, the nation is in the grips of the worst cost of living crisis in decades and so this Christmas is set to be particularly tough for many more households than usual.
"The nation’s renters are likely to be some of the worst hit, not only due to the increased cost of living but because many tend to live away from home and on their own.
"For those unable to spend Christmas with loved ones due to the size of their rental property, because of the cost involved, or because of the high cost of travelling home, it’s going to be a lonely few weeks indeed.
"So spare a thought for your neighbours this year more so than previously and be sure to spread some festive cheer, if you can, to those who may not be in a comfortable position to return the favour.”
