Millions of Brits will feel the financial squeeze this Christmas

Over half will cut back on Christmas presents this year (Image: Andrew Lichtenstein/Corbis/Getty Images)It comes as the cost-of-living crisis causes anxiety for almost three in five (58 percent) in the lead up to December, with 44 percent finding the festive season the most stressful time of the year.But 30 percent are not planning to ask to share the cost of the celebrations with family and friends this Christmas season.Top reasons for this include fears of dampening the festive mood (20 percent), not knowing how to approach the conversation (18 percent), and embarrassment or shame (17 percent), according to the research, commissioned by PayPal.Others feel guilty, or worry about family conflict over finances – although 22 percent would be more likely to ask for help if they felt everybody was doing it.It also emerged that of the parents polled, almost a third (30 percent) would never dream of asking their offspring to help fund the festivities.However, 55 percent of Gen Z respondents would offer to chip in for the festivities for their parents and grandparents, as they feel they would be too proud to ask.Those in London are the most willing to ask for help splitting the costs for food and gifts this festive season, while those in the North East would be the least willing.But despite 43 percent wanting to make grand plans for the festive season, 30 percent will be making cutbacks this year to help with keeping on top of their festive finances.This includes not buying unnecessary presents (51 percent), having an agreed spending cap with friends and family (34 percent), reducing travel plans (33 percent), and not attending Christmas parties (27 percent).Other cost-cutting plans include ‘bring your own bottle’ celebrations, each person bringing a dish for Christmas dinner, and entertaining fewer guests.And more than a fifth (22 percent) will be making their own gifts, in a bid to save on festive spending.Despite this, 44 percent will not compromise on making Christmas perfect for their loved ones – even if it means making sacrifices themselves.When it comes to splitting costs, 18 percent don’t know the easiest way to do this, but four in ten (41 percent) use online banking apps or digital payment services.In addition, 44 percent would be open to hearing about new digital ways to split costs as they navigate the current financial landscape, according to the research by OnePoll.Vincent Belloc, managing director for PayPal UK, said: ‘The ongoing cost-of-living crisis can dampen the festive spirit as people are worried about their finances.’Money management and splitting costs with family and friends is a difficult conversation.’We’re committed to helping people share costs with our send and request money features.’