Brits plunder savings accounts to fund Christmas
12 December 2011 15:59:39
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| Piggy banks will be much lighter in the new year. |
The savings account provider found that one in three Britons plan to withdraw £391, on average, from their savings to cover the cost of the festive period.
Of these, the majority (74%) said the money would be used to buy presents.
However, 7% expect to withdraw money to pay off credit card bills in the new year, while 31% need the cash to pay for gas and electricity.
Matt Hall, head of savings at Santander, said: "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."
He added that this year will make a "significant dent" in the nation's savings.
Meanwhile, separate research by the Co-operative Bank suggests that just 42% saved up in advance of Christmas this year.
However, a sensible 30% of respondents to the bank's poll of 3,000 adults, which was conducted by research firm OnePoll.com, claimed to have started saving as far back as January.
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