Brits may not have enough savings to cover festive expenses

Three-quarters of Brits may be facing a frugal Christmas this year as they are unhappy about the state of their finances and may have to pull on the purse strings to avoid financial difficulties in the New Year.

A survey from Skipton revealed that one in ten Brits are extremely unhappy about their monetary situation, meaning that buying the must have toy this Christmas could be a stretch.

Traditionally consumers have relied on saving money in accounts offering the best savings rates to cover the cost of Christmas.

However, Skipton's survey revealed that a quarter of Brits will be unable to rely on savings as they have failed to save any money this year to cover Christmas excesses.

Kris Brewster, head of products at Skipton Building Society, said that the society has tried to help its customers plan for the extra expenses Christmas brings.

"We have a savings account designed specifically to help them do that - our Regular Saver with a highly competitive interest rate of 3.25 per cent p.a. AER variable."

According to Barclays, people in the UK will spend an estimated £48.9 billion over the festive period.
 

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2010-12-17 13:43:39 © Moneyextra.com