Over 18 million UK adults are worried about how they’ll afford Christmas and 17 million expect to start 2014 in debt, this year’s Christmas spending survey from the Money Advice Service has revealed.

Worryingly 1.2 million of those plan to turn to payday loans to cover the cost of Christmas.

The new research also highlights the financial pressures families face as they stretch their finances over the next two months, with over a third of UK adults (38%) saying they are ‘worrying’ about how they will afford Christmas this year.

Despite intentions to cut back, 34% of UK adults admit they expect to start 2014 in debt (about 17 million people) because of the cost of Christmas.

Jane Symonds, head of service delivery at the Money Advice Service, said: “Christmas is an exciting time to catch up with family and friends but can also be a worry financially, and very stressful if money is tight.

“Getting to grips with the costs in advance of the big day will help you take control of your spending and alleviate some of the pressure.”

Worryingly 1.2 million of those plan to turn to payday loans to cover the cost of Christmas.

The new research also highlights the financial pressures families face as they stretch their finances over the next two months, with over a third of UK adults (38%) saying they are ‘worrying’ about how they will afford Christmas this year.

Despite intentions to cut back, 34% of UK adults admit they expect to start 2014 in debt (about 17 million people) because of the cost of Christmas.

Jane Symonds, head of service delivery at the Money Advice Service, said: “Christmas is an exciting time to catch up with family and friends but can also be a worry financially, and very stressful if money is tight.

“Getting to grips with the costs in advance of the big day will help you take control of your spending and alleviate some of the pressure.”