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Brits expected to withdraw over £11 billion this Christmas
Brits are expected to withdraw over £11 billion from cash machines over this Christmas period, with 23rd December the busiest day for cash withdrawals.
Throughout December, an average of £354 million will be withdrawn every single day. This equates to £14.8 million every hour or £246,000 every minute.
Research carried out by Sainsbury’s Personal Finance has revealed that the amount of cash withdrawn during December is 9% higher than in any other month of the year.
This has been put down to people withdrawing an average of 12% more cash each time they visit an ATM, to pay for Christmas gifts and other purchases.
The £11 billion that will be withdrawn this December is an increase on the same time last year, when £10.3 billion was withdrawn from cash machines.
This has been put down to the cold weather that Britain experienced during December 2010, which saw people stay at home more.
“December is traditionally the busiest month in terms of the amount of cash withdrawn from cash machines, and we expect this Christmas to be no different,” said Alex Blake, Head of ATMs at Sainsbury's Finance.
Sainsbury’s Finance has over 1,000 cash machines nationwide, and the supermarket estimates that more than 11 million withdrawals will be made.
This is expected to amount to more than £800 million in cash, as people still opt for cash over credit cards.
Ms Blake added: “This party season make sure you don't leave getting your cash to the last minute - why not get your spending money whilst you're doing your shopping. It certainly beats standing in line in the freezing cold on your night out.”
It was also revealed this week that the panic over Christmas shopping is expected to reach its peak this week. Research by Barclaycard revealed that 34% people feel stressed about going gift shopping.
Tags: budgeting for christmas, Christmas expenses, CREDIT CARDS, manage your finances, overspending, paying for christmas