Brits face frugal Christmas as money worries limit spending

Over three quarters of Britons (78%) aren't happy about the state of their finances, implying that for some Christmas may pull on the purse strings even more than usual this year, according to research by Skipton Building Society.

With Christmas present shopping currently in full swing, the pressures on parents to purchase the latest toy are often immense, however with one in ten people describing themselves as extremely unhappy about their monetary situation, this Christmas could be challenging at best.

Traditionally, many people have relied on savings to cover some costs, but worryingly one in four Britons (24%) admits that they have nothing at all saved for any extra expenses which the holiday season may incur.

Unsurprisingly  fiscal happiness varies across the country, with those in the East of England scoring the lowest (3.9 out of 10) on Skipton's financial happiness scale, whilst those living in the East Midlands and South West were highlighted as the least worried about their monetary situation (4.8 out of 10).

Kris Brewster, head of products at Skipton Building Society, comments: "Christmas is supposed to be a time of relaxation and enjoyment, but all too often money worries ruin celebrations. People are placed under extra pressure during the holiday to spend large amounts of money on presents for loved ones, something which they may not have the resources to do. 

"At Skipton we've tried to help our customers plan for these extra expenses ahead of Christmas, so when the holiday comes they can avoid financial worries. That's why we have a savings account designed specifically to help them do that - our Regular Saver with a highly competitive interest rate of 3.25% (p.a. AER variable)."

"We want to wish all our customers a very happy Christmas and New Year, and hope that their celebrations are financially trouble free". 

For people wishing to put away a lump sum towards an extra special Christmas 2011, Skipton also offers a Limited Edition Christmas Bond fixed at 3.00% (gross p.a. AER) until 31 October 2011. This product is available until Christmas Eve, Friday 24 December.