The recession is taking its toll on Fathers Day with over a third opting out of buying Dads a gift due to lack of money and debts spiralling out of control.
According to a survey by Kensington Financial Management Consultants (KFMC), 23% of people won’t be doing anything for their Dads to mark Fathers Day.
Many are cutting back due to a lack of money and spiralling debts.
Some of those opting out of spending money are instead looking to spend some quality time with their Dads.
For those who are able to spend money, the top choices are
- going to Dads favourite restuarant
- buying a drink of his choice
- buying a good book
Interestingly whilst many are trying to save money, 2% will spend over £100 this Fathers Day. The majority though will spend between £10 and £20.
Fathers Day is as important as Mothers Day according to 69% of people, although only about half the number of Fathers Day cards are sent compared to Monthers day – 7 million cards, compared to 13 million cards.
Lee Parkin at KFMC commented ‘When we hear of news such as the average household shoulders £9,052 worth of debt – or £56,708 if you include mortgages, it’s not surprising to learn that people are cutting back where they can. People are struggling through the recession and many are faced with redundancy, leaving them juggling various debts.’
He added ‘Less spending on Fathers Day doesn’t mean Dads are any less important, it just means that people are thinking sensibly about what they spend their hard-earned cash on.’
If you are facing debt problems it may be worth considering some form of debt management.
The sooner you take action on your debts the better, they don’t usually go away by themselves and if left unchecked can lead to serious consequences.