Christmas: a time for pensions and tax returns?
While financial markets are shut and most businesses are closed on Christmas Day, it seems money is still very much on some people’s minds.
According to Hargreaves Lansdown, more than 100,000 people logged into the UK’s largest investment platform on Christmas Day last year to check their pension, ISA or share-dealing accounts. The busiest time was around breakfast — about 8 am last year, and closer to 9 am in previous years.
HMRC figures tell a similar story. A total of 4,409 people submitted their tax returns on Christmas Day itself, with most filing around 3 pm. Over the wider festive break, 40,072 returns were completed, with Christmas Eve proving the most popular day.
The motivations are open to interpretation. For some, it may be a desire to escape the chaos of family gatherings. For others, perhaps a flicker of financial guilt after splurging on presents — or simply money front of mind after an expensive few days.
“When you think of fun Christmas activities, tax returns, checking your portfolio and paying into ISAs and pensions don’t tend to spring to mind,” said Sarah Coles, head of personal finance at Hargreaves Lansdown.
She noted that for many people, carving out quiet time during the festivities is “laughable”. But for those without small children and not bearing the brunt of meal planning, Christmas can offer a rare pause to review whether their investments still suit their needs, how portfolios have performed over the past year, and whether topping up an ISA or SIPP makes sense.
Coles also pointed out an unspoken advantage of festive financial admin: “The next time you’re invited for a cup of tea with a distant relative or dragged to an excruciating pantomime, you can honestly say you’d love to — but you really need to sort out your finances instead.”
