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Cost of Christmas gifts revealed

British adults are expected to spend a collective £11.92 billion on Christmas presents this year, according to a report.

New research from Halifax states that the typical UK consumer will shell out £400 on gifts for their loved ones this December.

However, the findings have sparked fears of widespread overspending and emerging potential debt problems after the festive period, as two-thirds of people admitted that they do not plan to set a budget for their seasonal spending.

As a result, a spokesperson for Halifax stressed the importance of saving money regularly in the run-up to Christmas.

"We all know how expensive Christmas can be, but by saving little and often we can make next Christmas that bit more manageable and that bit more enjoyable as a consequence," said Mike Regnier, head of savings at Halifax.

He added that the festive period can be a good opportunity for parents to help their children "appreciate the value of putting some money aside".

Earlier this week, Citizens Advice urged people to be "realistic" about their finances at Christmas and not "get carried away" with spending during the holidays.

Personal loans can provide another method of managing Christmas expenses.

See how much you could borrow with a Lombard Direct personal loan.

© Adfero Ltd

05/12/2007 17:11:29

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