Brits suffer personal finance nightmare before, during and after Christmas

Christmas can be a personal finance nightmare for many people, with the average Brit spending an astonishing £2,200.48 over the festive period last year.

The huge cost of presents, food, drinks and parties means that an 18-year-old who lives to the average age of 78.5 would pay a whopping £133,129.04 across their lifetime - and that doesn't take into account inflation!

The poll of 4,000 people, conducted by leading insurer Cornhill Direct, revealed that £693.05 a year is spent on presents for loved ones, £337.27 on presents for friends, whilst £45.45 on people such as neighbours, tradesman and the postman.

A third of people go into debt every Christmas in a bid to make it the best year ever. A fifth of people say they are often still trying to break even by the following March and one in 10 are still in debt by the next Christmas.

In addition to presents, folk also indulge heavily on food and drink each year, spending £269.48 on festive food and a further £180.24 on alcohol - that's a collective total of £449.72 a year, or £27,208.06 over 60.5 years.

And party-goers across Britain will also be digging deep into their pockets at Christmas parties, spending at least £202.48 during December and £12,250.04 across their lifetime.

But while Christmas is an enjoyable time of the year, it is also common for things to go wrong. Official recorded crime statistics suggest an increase in domestic burglaries during the coldest and darkest months of the year.

Insurers expect a large number of claims for the loss of Christmas presents following burglaries. Householders should check that their contents insurance accounts for the extra value of the items in their home during the festive period. Cornhill Direct increases cover by 10 per cent during December at no extra cost.

Mark Bishop, spokesman for Cornhill Direct, said: '" Christmas is a time to relax and enjoy the company of friends and family, but the threat of burglary can't be ignored and householders must be more security concious than normal. Our policy automatically increases the sum insured by 10 per cent during the Christmas period to cater for the Xmas spend."