Brits lazy at Christmas saving

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 yeara��s Christmas, the study found.

This yeara��s Christmas spending splurge is expected to hit A?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 a�?magic of Christmasa��.

Chris Morling, managing director of money.co.uk, who commissioned the poll, expressed concern that Brits who havena��t saved for Christmas could end up overspending.

a�?You have to worry about the effect all this last minute spending will have in January,a�? Morling said.

a�?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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