More than 100,000 families - many of them amongst the poorest in Britain - put money aside for Christmas gifts and other seasonal treats in a savings club called Farepak. It wasn't a bank, and it wasn't great value for money... and it went bust. Kids went without toys, and festive dinner tables were left bare.
Why would someone put their hard-earned money into such a scheme? And what does it tell us about how we often view Christmas as a time for frenzied spending?
For a full list of sources used in this episode visit Tim Harford.com
CAUTIONARY TALES RETURNS 6 JAN, 2023. HAPPY HOLIDAYS AND SEE YOU IN THE NEW YEAR.
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