BANK ACCOUNTS, CREDIT CARDS

Brits fail to save for Christmas

Two in five Brits have admitted to not saving for Christmas, as new research reveals our spending habits over the festive period.

The research, carried out by Barclaycard and the Citizens Advice Bureau, found that a third of Brits struggled to pay bills in January this year, after the Christmas spending spree.

Despite this, 54% of us say we plan to spend the same as last Christmas on food and drink, with one in 10 saying they plan on spending more this year.

“Whilst Christmas is a time for giving, it is essential to plan and budget in advance to make sure you aren't caught short when it comes to paying for bills and other expenses in the New Year,” said Alan Ainsworth, Head of Public and Community Affairs at Barclaycard.

“This doesn't always have to mean cutting back on the number of presents you buy or parties you attend, it's about establishing a budget ahead of time and making sure you keep to it.”

The research also found that it is the older generation, rather than younger people, who are failing to plan ahead financially.

Half of those aged 55 and over said they have not saved for Christmas at all this year, compared to 37% of those aged 18-34.

“Every January our bureaux see the result of this with a spike in enquiries from people who are struggling to keep on top of bills and debts due to overspending throughout the festive period,” said Gillian Guy, Chief Executive at the Citizens Advice Bureau.

“For anyone who does run into difficulty, our advice is always to seek help as soon as possible so you can get your finances back on track and avoid spending next Christmas worried about your money.”

If you are struggling to pay for Christmas this year, there are a number of bank accounts and credit cards that offer Christmas savings deals.

Tags: BANK ACCOUNTS, Christmas expenses, christmas spending, CREDIT CARDS, hidden costs, how to budget for christmas