Martin Lewis - latest: Money expert warns parents about getting into debt for Christmas

The Martin Lewis Money Show Live airs tonight from 8pm on ITV

Rishi Sunak is 'ready to make difficult decisions' for the UK in his economic plan

Martin Lewis has urged parents to avoid an expensive Christmas to avoid getting into debt.

“Christmas is one day. Do not ruin your lives for Christmas,” the money saving expert told viewers of his new programme The Martin Lewis Money Show Live.

Earlier, Mr Lewis issued a stark Black Friday warning to shoppers preparing to pile their baskets high with heavily discounted items in the pre-Christmas sales.

“This is my Black Friday memo...” he wrote on Twitter, alongside an image of a post-it note emblazoned with the advice: “If you were going to buy it anyway and it’s half price, you’ve saved 50 per cent. If you weren’t going to buy it, but do because it’s half price you’ve wasted 100 per cent.”

The annual consumer event is derived from the post-Thanksgiving US tradition. It often marks one of the busiest shopping days of the year, and sparks vehement criticism for its encouragement of over-consumption and potential to inflict severe environmental damage.

Key Points

• New Martin Lewis show to air on ITV tonight
• MoneySavingExpert issues stark Black Friday warning
• Martin Lewis issues Christmas debt warning to parents

[15 November 2022 18:00 · Emily Atkinson]

UK unemployment rises to 3.6 per cent as recession looms

In case you missed it...

The rate of UK unemployment rose to 3.6 per cent in the three months to September, up from 3.5 per cent in the previous three months, the Office for National Statistics said.

Darren Morgan, director of labour and economic statistics at the Office for National Statistics (ONS), said half a million working days in August and September were lost to strikes in addition to older people leaving the workforce.

The Office for National Statistics also published data on wages showing between July and September wages fell in real terms by 2.6 per cent for total pay when adjusted for inflation, and by 2.7 per cent on the year for regular pay.

Thomas Kingsley reports:

[15 November 2022 19:00 · Emily Atkinson]

Sean O’Grady: Why the pension triple lock looks safe with worried Tories

If a government were operating purely on the basis of fixing the public finances, there’s no doubt state pensioners would be forced to endure a real-terms cut in their incomes, writes Sean O’Grady.

[15 November 2022 20:10 · Liam James]

‘Great time to switch’ bank accounts, says Martin Lewis

Martin Lewis said it is a great time to switch bank accounts as banks are offering deals.

An audience member said she felt badly treated by her bank.

Mr Lewis said this was good enough reason to leave.

[15 November 2022 20:23 · Liam James]

Martin Lewis: Should I spend the same on all children at Christmas?

One viewer asked Martin Lewis whether parents should always spend the same amount of money on children at Christmas (or other holidays).

The money saving guru is running a poll on Twitter on the question.

[15 November 2022 20:27 · Liam James]

Junior ISAs best for uni savings, says Martin Lewis

Martin Lewis advises junior ISAs for parents trying to save money for their children to go to university.

He said junior ISAs allow up to £9,000 a year to be locked away until a child’s 18th birthday with decent interest.

[15 November 2022 20:50 · Liam James]

Martin Lewis issues Christmas debt warning to parents

Martin Lewis said parents should sacrifice an expensive Christmas to avoid getting into debt.

“Christmas is one day. Do not ruin your lives for Christmas,” the money saving expert told viewers of his new programme The Martin Lewis Money Show Live.

A woman in the audience told Mr Lewis she was worried about buying presents for her family along with food, drink and the other trappings of a festive period during the cost of living crisis.