Brits dip into savings to cover Christmas costs
Saturday, 10 December 2011 08:00
Britons are dipping into their savings pots to fund the cost of Christmas as rising living costs take their toll.
This is the discovery of a new poll by Santander Savings, which revealed that £6 billion will be withdrawn across the country to fund the festive season, with 14 per cent of people saying they will need more than double the amount they took out last year.
On average, £391 per person is to be removed from savings accounts to pay for things like presents and food.
However, some admitted they were trying to find money to pay utility bills, while others revealed they do not see the situation improving by January, when they will need savings to pay off credit card bills.
Santander spokesperson Matt Hall suggested using the company's upfront savings bond to make the most of any money in future.
"This year looks set to make a significant dent in the nation's savings," he added.
New research by the charity Family Action found that a cut-price Christmas can cost £182, but this is less than a third of what the average household plans to spend.
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