Money expert warns what not to buy for Christmas

Money expert warns what not to buy for Christmas

Money expert warns what not to buy for Christmas

Finance guru Martin Lewis has issued a warning to shoppers about what they should not buy as Christmas presents this year in the wake of Covid-19.

The ‘Money Saving expert‘ has advised against giving gift cards.

Speaking on ITV’s this morning, he explained how he’s ‘not a fan of gift cards’, after viewers asked what their rights were in terms of using Cineworld vouchers now the cinema chain has closed.

He said: “The biggest answer I can give you and anyone else is, and I’ve said this many times before but never has it been more pertinent – I am extremely anti gift cards.

“The simple fact is that first of all some of them date – so someone buys them for you and if you don’t use them in two years they are not worth it.

“But more importantly, if the company goes bust they are worthless. You just have to claim as a creditor on the administator.”

He continued: “In this time of terrible uncertainty, and retailers won’t like me saying this, the last thing I would be giving anyone for Christmas is a gift card, unless it is from a company I was absolutely rock certain.”

Martin has also famously labelled the festive season a ‘retail festival’ and said it can lead to “unhappiness, debt and worry”, urging people to ban unnecessary presents.

But in an interview with The Telegraph he said a Covid Christmas could help take financial pressure off people, as group restrictions could lead to people buying fewer unnecessary presents.

He said coronavirus meant people would most likely spend the festive period in smaller family groups, which could cut down on buying unwanted gifts for people due to the pressure to feel reciprocal.

He said: “Is it (Covid) going to impact the festive season? Well, yes if you are visiting fewer people, seeing fewer people, buying fewer presents, having smaller dinners and lunches.

“In terms of the economy it will be a hit if we have a Covid Christmas. In terms of people’s personal finances, it might just take the pressure off people.”

The Government’s rule of six for meetings has raised the possibility of families celebrating Christmas in smaller groups of immediate relatives.

Prime Minister Boris Johnson has said he is determined to ‘save Christmas’ by improving access to Covid tests to help lift social restrictions. However, government advisors are warning of a resurgence of the virus as the weather grows colder.

Contact Gi National
Email us: