Forthcoming festive season not spurring British savers on

With just under two months to go until Christmas Day, research from NS&I reveals that the British population is feeling pessimistic about its ability to save money before the end of the year.

According to NS&I's Savings Survey data, a quarter of Britons (28%) said that they were less likely to save in the autumn months. Seven per cent of these believed they were much less likely to set money aside as the festive season approaches.

However, the number of Britons who said they were less likely to save in the near future is a much smaller proportion than in 2009, when nearly two-fifths (37%) of the population felt that they were less likely to save.

Tim Mack, Savings Spokesman, NS&I, said: "It's daunting to think that there are just two months to go until Christmas. However, it is best to try not to pay for everything out of December's pay packet and instead to plan early, agree the priorities for a good festive season and spread the financial outgoings over a longer period. Nearly a third (29%) of the population confessed that they overspent on a monthly basis. Trying to rein this in a bit and save a few extra pounds in the coming months, or starting the Christmas preparations now, could help the festive celebrations be more financially manageable this year."

The NS&I figures also revealed that women were especially concerned that they will not be able to set money aside during autumn. Nearly a third (30%) thought they were less likely, compared to just 26% of men. On average, as people get older they think they are less likely to save in the coming months. The only exception to this was the 35-44 year age group, who were more pessimistic than might be expected for their age, perhaps with financial responsibilities for both children and parents.