British savers set for a good Christmas

Brits who shopped around for the best savings interest rates during the year will see the benefits this Christmas as the cost of the festive period won't hit them as hard as those without a savings pot to fall back on.

A survey carried out by NS&I found that just 20 per cent of Brits have a savings pot set aside to cover the expenses of Christmas, a decrease from the 29 per cent of people who saved for Christmas in 2008.

The figures from the survey indicate that 43 per cent of Brits will have to rely on finding money in their current accounts to spend over the festive period.

Tim Mack, savings spokesman at NS&I, said: "With all the additional costs incurred during the festive period, setting a plan and budget in the run-up to Christmas is especially important."

Financial experts at NS&I claim that more people could be left with a financial hangover in the new year if they fail to cut back on spending.

A recent survey carried out by LV found that parents in the UK are planning to spend more than £2 billion on presents for their children this year.
 

Moneyextra.com recommends you take independent financial advice before acting on any article

Back

2010-12-06 11:49:02 © Moneyextra.com