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Brits lazy at Christmas saving

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by David Masters

Just 15% of Brits have put aside money to pay for Christmas, according to research published this week.

Seven in ten (71%) plan to pay for Christmas using their regular monthly income, while 14% will put their Christmas spending onto a credit card.

Nearly five million Brits are still paying off debts from last year’s Christmas, the study found.

This year’s Christmas spending splurge is expected to hit £11 million, despite many Brits pledging to make spending cutbacks over the festive season.

Two in five (43%) plan to spend less on gifts, while 31% will only by presents for their immediate family.

However, 62% said they are keen to make sure the recession does not spoil the ‘magic of Christmas’.

Chris Morling, managing director of money.co.uk, who commissioned the poll, expressed concern that Brits who haven’t saved for Christmas could end up overspending.

“You have to worry about the effect all this last minute spending will have in January,” Morling said.

“Lots of people are likely to be very short of cash going into the New Year, which would not make for a great start to 2010.”

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News posted: December 1, 2009

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