The Company That Cancelled Christmas

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By Pushkin Industries. Discovered by Player FM and our community — copyright is owned by the publisher, not Player FM, and audio is streamed directly from their servers. Hit the Subscribe button to track updates in Player FM, or paste the feed URL into other podcast apps.

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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