Scots not so thrifty when it comes to Christmas

Scots are the most generous Christmas present givers in the land according to Abbey Banking’s festive Gift Etiquette guide.

Folks north of border were found to fork out an average of £480 each at Christmas – a full £75 more than the next biggest givers in Wales and the South West and a whopping £125 more than those in the South East.

Children and partners are the happy recipients of the most valuable gifts, with the average Brit spending £116 on their kids and £104 on their loved-one. Men tend to be more generous, splashing out an average of £114 on their partners compared to £96 spent by women.

Mums and Dads on the other hand will be lucky to receive half that amount from their children at £42 and £39 respectively, with socks, books and toiletries being the most common gifts. Parents might be disappointed to find out that this is barely double the amount spent on the family pet each Christmas (£18).

Of the 2.7 million (6 per cent) people who admitted to having a lover, the average secret spend came in at just £39, proving that illicit affairs don’t pay particularly high dividends, except for in Wales and the South West, where a bit-on-the-side can expect a gift worth £85.49.

Steve Shore, Head of Banking at Abbey, said: “If you ever wondered how much was right to spend at Christmas, worry no longer – Abbey’s Christmas gift etiquette research shows you what the rest of the country is spending on their loved ones.

“Not surprisingly, children top the bill as parents splash out at Christmas, but interestingly there were also quite significant regional differences. Scotland in particular broke their stereotype and those with Scottish relatives look set to have a very merry festive season indeed.

“With all the money going out during the festive period it’s crucial to make sure you are maximising any going in. Abbey has a bank account for all new customers, which pays 8 per cent interest on all balances up to £1,000. Over the course of a year that can be worth up to £80 – which would just about cover next year’s presents for mum and dad.”