The turkey is in the oven, the Queen’s Speech is queued up on iPlayer, and Auntie Maureen has just asked the same question, for the third time, about why you don’t pop in to see her more and help her clear out her garden shed.
What do you do? If you’re like some people who logged into their investment app or logged into their HMRC account last Christmas Day, the answer is simple: whip out your phone and pretend to check your finances. It’s all very important and urgent, you see.
Festive finance trend
It turns out that while most of us are busy debating whether Die Hard counts as a Christmas film, thousands of Britons are doing something radical: sorting out their finances. For those who don’t celebrate Christmas, well, then that’s understandable. But for those who do, it raises some questions and curiosity.
Last year, over 100,000 people checked their portfolios on Christmas Day, with peak activity at 8 am—an hour earlier than previous years. Meanwhile, 4,409 brave souls tackled their tax returns, with 3 pm emerging as the golden hour for HMRC submissions (though let’s be honest, only 368 people were that committed during that particular slot), according to Hargreaves Lansdown.
Christmas Eve proved even more popular, with nearly three times as many account top-ups as Boxing Day, and 3,458 people filed tax returns between 11 am and noon.
But seriously… Why?
What on earth possesses someone to do their finances on Christmas Day?
Early birds
According to Sarah Coles, head of personal finance at Hargreaves Lansdown, the 8 am peak makes perfect sense for parents of young children. After hours of present unwrapping and sugar-fuelled chaos, when the little ones finally crash out, you’ve got a precious window of peace. And what better use of that silence than checking whether your pension is on track? (Well, a nap, perhaps, but let’s move on.)
For those with older families, it’s the opposite problem—you’re wide awake at dawn whilst everyone else enjoys a Christmas lie-in. Rather than staring at the ceiling or watching repeats of Only Fools and Horses, why not see how your portfolio performed this year?
Afternoon avoiders
The 3 pm tax return crowd? They’re tactical geniuses. Everyone’s in a food coma after Christmas lunch, Grandad’s snoring on the sofa, and nobody’s going to disturb you for at least an hour. It’s the perfect time to tackle something that requires concentration—and an excellent excuse to avoid the inevitable “let’s play charades” suggestion.
There are genuine advantages to sorting finances during the festive break:
- You actually have time to think clearly (alcohol consumption permitting)
- Filing early means more time to arrange payment if you owe tax, or getting your refund sooner if HMRC owes you
- You can properly review your portfolio without the usual work-week distractions
- Christmas Eve contributions to Junior ISAs make rather brilliant last-minute presents that won’t end up in a charity shop by February
The excuses (let’s be honest)
But let’s not pretend it’s all noble financial planning. Here are the real reasons many of us might suddenly develop an urgent interest in our investment portfolio on 25th December:
The social escape artists
“Sorry, can’t help with the washing up—absolutely must rebalance my pension contributions before the market opens on Monday.” You may receive a few rolled eyeballs with this one, but you’ll probably get away with it given your commitment to fiscal responsibility.
Conversational crisis management
When your uncle launches into his annual political rant, or your mother-in-law starts giving unwelcome advice, suddenly that tax return becomes positively appealing.
Procrastination Olympics
You’ve had since April to do this tax return. You’ve successfully avoided it through summer holidays, Bonfire Night, and the entire run-up to Christmas. But now, with the 31st January deadline looming like the Ghost of Christmas Future, it’s best to put those last-minute filing jitters to bed.
The competitive achiever
Some people run 5Ks on Christmas morning. Others do tax returns. Both are seeking the same smug satisfaction of being productive whilst everyone else is in their pyjamas eating Quality Street at 10 am.
The gift of avoidance
As Sarah Coles rather brilliantly points out, there’s an unspoken benefit: next time someone suggests a tedious social obligation, you can earnestly explain that you simply must sort your finances instead. It’s the gift that keeps on giving.
Reality check
Checking your investment app takes mere minutes (and can genuinely be done while simultaneously pretending to be interested in your nephew’s explanation of Fortnite), a proper tax return is a different beast entirely. It requires paperwork, concentration, and several hours you probably don’t actually have on Christmas Day unless you’re either incredibly organised or desperately seeking an escape route.
If you spent last Christmas “meaning to get round to it,” only to find yourself frantically filing at 11:47 pm on 31st January, perhaps this festive season is your chance for redemption. Christmas Eve, in particular, seems to be the sweet spot—you get the satisfaction of being ahead of the game without actually sacrificing Christmas Day itself.
However, if it means crushing a little one’s precious time with you (including deciphering instructions and putting toys together or uploading games), then perhaps Boxing Day is your day to crack on with your finances.
If your circumstances have changed and you don’t need to file at all? Letting HMRC know before the deadline means you can avoid the whole palaver and spend next Christmas doing what it’s meant for: arguing about board game rules and wondering if it’s too early for a Baileys.
