Savings Used To Pay For Christmas

• News
• Published: 30 Nov 2009 in Money and Savings

An average Briton plans to withdraw more than £220 from a savings account to help meet expenses this Christmas, a survey has shown.

According to Abbey, people plan to take out an average sum of £221 from their savings to cover the costs of the festive season.

For nearly a third of of the 2,000 people questioned, this figure will amount to 9 per cent of their total savings this year.

The survey also found that 60 per cent of people are planning to cut down on Christmas expenses, with 42 per cent saying they will spend less on presents for family and friends.

A quarter said they will reduce costs on food, drinks and Christmas parties, while 2 per cent are thinking of exchanging their presents for cash at stores.

One in five people said they did not have any savings to tap into, while 39 per cent admitted they do not set aside anything on a regular basis.

Abbey's director of savings and investments, Reza Attar-Zadeh, said: "It's clear that many people are planning ahead and scaling back this Christmas in an effort to reduce their spending, which seems a sensible move.

"We know that people still rely on their savings to cover many of their Christmas outgoings but savings shouldn't just be for Christmas, and we encourage people to keep a healthy balance, so that they're starting the New Year from a good base."