BusinessCompany NewsTwo-thirds of Brits haven’t saved for Christmas

Two-thirds of Brits haven't saved for Christmas

Almost two-thirds of Britons (65%) haven't yet saved any money for Christmas, according to a new study.

Of the 35% who have saved money for Christmas, the average is £182.13, a significant £30 less than in 2003 (£212.65), the latest findings from Alliance & Leicester’s Wealth Tracker Index show.

Men have saved more again this year, putting aside an average of £212.94 (£250.21 in 2003), compared with women who saved £152.46 (£177.36 in 2003). The findings contrast with a second survey on Christmas spending by KPMG which found that men are spending less this year than women.

Nathan Barber-Kebby, product manager for savings at Alliance & Leicester said: ‘Many families are left counting the costs of Christmas well into the New Year, so it’s a concern to see that only a third of Britons have saved any money this year.

‘Christmas is an expensive time, and our findings indicate that people are either intending to buy on credit, or will spend less cash in the shops this winter.

‘I would encourage people to start saving early next year, saving even a small amount each month throughout the year can help to relieve the financial hangover people so often experience in January.’

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