Nearly half saving for Christmas

9 October 2009 12:22am

Just under half of people have saved money towards the cost of Christmas this year, according to a new survey.

Around 46% of people said they were already setting aside cash to cover the cost of the festive season, while a further 10% plan to start saving soon, said ICICI Bank UK.

Among those who have started to save, 69% said it was the only way they would be able to afford Christmas this year.

But while 31% of people said they did not need to save for Christmas, 7% admitted they did not have enough spare cash to cover the cost of the festive season and they would borrow the money instead.

A further 7% of those questioned claimed they would not be "doing" Christmas this year.

Anubrata Biswas, head of retail banking at ICICI Bank UK, said: "We believe it is important that people start to save early so they can afford to enjoy themselves when key events and celebrations come around."

Vision Critical questioned 1,962 people during September.

© The Press Association