Britons are turning to their savings accounts to help them fund Christmas, recent research has revealed.
Conducted by Santander, the survey found that 44 per cent of people plan to use their savings accounts to cover the extra costs during the festive season, taking out an average of £391 each.
Seventy-four per cent of these people will use the cash to buy presents, while ten per cent are going to use the money to cover household bills and seven per cent will use their savings accounts to help pay off Christmas credit card bills come January.
Matt Hall, head of savings at Santander, commented: “The festive period is usually an expensive time, with many people dipping into their savings to cover the cost of presents as well as increased winter bills, and this year looks set to make a significant dent in the nation's savings.”
But despite the fact that people are turning to their savings to cover costs, there is still a relatively cautious attitude towards money around Britain at the moment. When asked what they would do if they were given £1,000, the most popular option with 29 per cent of the vote was to save it for a rainy day.
