While there are concerns that many people could be getting into debt in order to fund their festivities, others have taken the more sensible approach and have turned to their savings pot, with the savviest savers set to benefit the most.
Research from Charter Savings Bank shows that almost half (43%) of their savers are willing to dip into their pot to fund their festive activities, ranging from buying those must-have presents to paying for Christmas parties. Perhaps unsurprisingly, 76% of respondents saw presents as being their biggest expense, followed by visiting friends and family (11%) and hosting the Christmas dinner (6%).
Furthermore, over half (53%) plan to give money as a Christmas present, with 27% giving it as cash, 13% opting for a more traditional cheque, and 13% choosing to gift via a bank transfer. However, giving money may not be too much of a difficult task to achieve, as for many people, saving up for Christmas is a year-round affair. In fact, 22% of respondents started putting away money for this year's festivities as soon as Christmas 2014 was over, showing just how savvy some savers are.
Paul Whitlock, director of Savings at Charter Savings Bank, commented: "For people up and down the country, the start of Christmas is synonymous with putting up the Christmas tree, switching on the Christmas lights or even seeing the Coca-Cola advert on the TV. However, it's seemingly becoming a year-round event for many, with our research showing that even savvy-savers are starting to put money away straight after Christmas in preparation for the next year."
Christmas 2015 is just about upon us, but when all the hubbub has died down, you may want to start thinking about next year. A regular savings account, for example, could help kick-start your savings habit, and don't be afraid to think outside the box, either. As Paul Whitlock adds, "it's so important that UK savers achieve the best returns on their money and when every penny counts, savers should look to save smarter with challenger banks", and if you check out our savings best buys, you'll see what he means!
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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 Any products featured may be withdrawn by their provider or changed at any time.
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