The research, commissioned by volunteering charity V, found that more than half of young people are planning to spend less on Christmas this year than in previous years. Three-quarters said they would consider giving up their time to do a good deed for someone instead of buying a gift.
V has launched a campaign encouraging young people to give the "gift of time" this Christmas. A "pop up shop" will promote volunteering opportunities to young Christmas shoppers just off London's Oxford Street between 3 and 6 December.
Terry Ryall, chief executive of V, said: "With the credit crunch and youth unemployment at record levels, many 16- to 25-year-olds are struggling with their finances this Christmas. That's why the gift of time campaign makes perfect sense. It allows you to stay debt and stress free while tapping into the festive goodwill and encourages young people to consider the wider benefits of volunteering."
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