Nearly a million retired people across the UK are pushing their finances to the limit this Christmas inn order to buy Christmas presents that are of little value to the recipients, according to a new report from AXA .
AXA revealed that millions of pensioners will sacrifice buying new clothes and food, socialising and getting hair cuts during the Christmas season so they can afford to buy presents and eight per cent of those even put themselves at risk by skimping on essential utility bills .
Nearly 40 per cent of family members think that despite their grand parents giving up small luxuries to purchase gifts, the presents from Granny and Granddad are "tasteless, impractical or a complete waste of money ."
Pat Brady of AXA said, "Christmas finances are a tricky area, and whether you’ve saved for months or buy on impulse, like everything else in life a little financial planning goes a long way. Whatever stage you are at, planning for family and calendar set pieces such as birthdays, anniversaries and Christmas is important and really benefits from a bit of attention.
"No-one likes to think of an elderly relative shivering in the cold so that they can afford a present that isn’t valued by the family member. But I wonder how many people think of the sacrifices that their older relatives make in order to be able to afford a gift .
"If pensioners still want to spend so much of their budget on presents, it makes sense to get it right. It just doesn’t make sense trying to second guess everyone’s developing tastes. You’ll waste your money, and they’ll force a smile before binning the present when your back’s turned."
The news comes as a separate survey shows Britons would prefer to receive a Christmas present that is thoughtful but costs less, rather than expensive and impersonal.
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