Presents cost third of Christmas pay cheque

Christmas presents cost Britons a third of their monthly salary.

On average £419 is spent on presents for ten people, according to research from fool.co.uk.

One in twenty people really push the boat out and spend over £1,000.

"Christmas season can be a time of financial pressure for many, especially for people with large families," said David Kuo, head of personal finance at Motley Fool.

"What’s more, spending two per cent of our annual income on one day’s jollies can give our finances a proper stuffing unless we have budgeted for it carefully."

With Christmas gifts for friends and family costing on average £27, people are advised to start saving long before shopping.

"If you must use credit, don’t fall into the trap of buying now and paying through the nose for it later," Mr Kuo said.

"Nobody wants to be seen as Ebenezer Scrooge. But without proper budgeting January could be haunted by the ghost of Christmas past with credit providers tucking into our leftovers with some relish."