Homeowners face worst Christmas in a decade

We definitely need some Christmas cheer – a whopping 33.7% of Australians say this year’s Christmas will be the toughest they have faced in 10 years, a new survey reveals.

The survey, compiled by serviceseeking.com.au, also shows 50.8% of respondents say the financial crisis has forced them to cut down on entertainment. A huge 61.9% say they will cut back on clothes and luxury items, while 24.9% say they will cut back on groceries.

But it isn’t just luxuries – the survey shows 11.6% have cut back on health care costs and 10.8% on education.

“Many people’s savings have been dramatically reduced due to stock market falls, job cuts, corporate collapses and a year of record high petrol prices,” Serviceseeking.com.au co-founder Jeremy Levitt says.

“Coupled with an uncertain job future for some, it is not surprising people are strapped for cash and will have to be more conservative this year.”

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