Then there are the winter household bills to think about.
It’s little wonder that what we need from our money can shift as the seasons change.
New research from Zopa Bank suggests many people are already reviewing their priorities. Two in five current account holders (40%) said Christmas was changing their financial priorities, while 35% pointed to upcoming winter household costs.
Overall, 68% agreed that different times of year call for different approaches to money.
The survey also found that 40% expect the Budget on 28 October to have a significant effect on their finances over the next six months. More than half of respondents (54%) said what they need from their money today is different from what they needed a year ago.
Banking benefits that fit the moment
For households juggling festive spending and everyday expenses, a useful banking benefit may depend on what matters most at the time. Yet 38% of current account holders said they had not used any of their listed banking benefits in the past year. Some had forgotten about them; others felt the benefits did not suit their lifestyle.
Zopa’s research found 77% would prefer to choose the banking benefits that suit them, while 65% think those benefits should evolve as their lives change. It’s an idea that may appeal to families whose spending patterns look different during Christmas, the winter months and the rest of the year.
Zopa says its Biscuit current account is being updated to let customers switch between selected benefits as their priorities change. Customers can choose between 2.75% AER variable interest on their balance, 3% cashback on up to £150 of eating-out spending each month, or 3% cashback on up to £150 of Direct Debits each month.
The account also offers 1% AER variable on all balances, fee-free card spending abroad and access to Zopa’s banking AI. As with any financial product, it’s worth checking the terms and deciding whether the features suit your own circumstances.
Christmas is a time when families make plans, share treats and try to keep an eye on spending. Zopa’s research raises a useful question for anyone reviewing their finances: do your banking benefits still match the way your household spends today?
Find out more about Zopa’s Biscuit account at zopa.com/current-account.