Most Brits to cut Xmas spending

Monday, November 30th 2009

New research has revealed that the majority of Britons intend to slash their Christmas spending this year.

According to Abbey Savings, 59 per cent will cut back over the festive period, particularly on presents and socialising.

Those with savings will spend a collective £3.45 billion of funds from their piggy banks on the Yuletide season, averaging out to £221 per person.

However, almost four in ten consumers are not saving anything at the moment, while 20 per cent do not have any savings at all in place for Christmas.

"We know that people still rely on their savings to cover many of their Christmas outgoings, but savings shouldn't just be for Christmas and we encourage people to keep a healthy balance," commented Reza Attar-Zadeh, director of savings and investments for Abbey.

The bank recently unveiled research findings showing that over one-quarter of parents have no savings or investments in place.

Furthermore, 36 per cent of mums and dads use their rainy day cash to pay bills and fulfil basic living costs.