Consumer greed rife in run up to Xmas, warns IFA Promotions

One in four people would rather get into further debt or dip into savings than resist the temptation to spend, research from IFA Promotions reveals.

The promotional body claims 73% of people in Britain spent money on replacing goods that didn&#39t need to be replaced last year and many are likely to do the same again in the run up to Christmas.

In the run up to this year&#39s annual &#39buy nothing day&#39, on Saturday 29 November, IFPA is calling for people to scale back on spending and consider the consequences of exhausting savings accounts or falling further into debt.

The research showed that existing borrowers are more likely to take on a further debt burden, as a quarter admits they would buy the product they want immediately rather than save up for it..

Only 8% of 16 to 17 year olds and 13% of 18 to 24 year olds accepted they could not afford an item and a fifth of them would happily resort to debt to obtain items.

One in five people under the age of 55 years admit they would rather borrow than wait and save for an item, or admit it was unaffordable.

And just 40% of people who purchase items immediately using credit, say they can&#39t afford to increase monthly savings at the moment.

David Elms, chief executive of IFAP, says: “These findings highlight the stark need for people to take control of spending, especially in the run up to Christmas, when temptation is rife.

“It seems that the notion of thrift is very much a thing of the past and worryingly budgeting has become very much a lost art form.”