Despite having 12 months to prepare, more than two in five of us have not budgeted or saved in advance for Christmas this year.
Research conducted by Barclaycard shows that 44% of Britons will be financially caught short this Christmas.
And it appears that older doesn't necessarily mean wiser when it comes to responsible spending, as exactly half of those that are over 55 years old have not saved at all.
This is compared to a significantly fewer number (37 per cent) of those aged 18 to 34 years old.
Whilst a third of us confessed to not being able to pay for bills in January as a result of overspending during the festive period last year, the majority of us (54 per cent) still plan to spend the same amount on Christmas food and drink as we did last year
Another 7% plan to spend more on Christmas parties and going out than in 2010.
The research also found that although discount vouchers remain popular, with one third (32 per cent) of people using them to help budget for Christmas 2011,
Others have found ever-novel ways of cutting back; nearly a quarter (22%)Brits have found more novel ways of cutting back, admitting to turning the central heating off or down more often,
Another 6% of us have sold unwanted Christmas presents from 2010 to help fund this year.
In the run up to Christmas, Citizens Advice Bureau has warned people not to forego their everyday priorities such as bills to fund Christmas, while also shopping around before making purchases.
Consumers have also been urged to get preparations in place more quickly next year.
"Much like that unwanted woolly jumper the results of your seasonal spending can stay with you for longer than you might like," said Gillian Guy, Chief Executive, Citizens Advice
"Every January our bureaux see the result of this with a spike in enquiries from people who are struggling to keep on top of bills and debts due to overspending throughout the festive period.
"For anyone who does run into difficulty our advice is always to seek help as soon as possible so you can get your finances back on track and avoid spending next Christmas worried about your money."
Find the best savings rates for you - Compare savings accounts
Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.
Moneyfacts.co.uk will, like most other websites, place cookies onto your computer’s
hard drive. This includes tracking cookies.