Most Brits fail to save for Christmas

According to a new survey by The Co-operative Bank, only 42% of Brits saved for Christmas this year.

The survey shows, people saved an average of £423 for Christmas, with men saving an average of £460 and women saving £400, saving £60 less than men.

The research reveals, London, Northern Ireland and the North East topped the list with their savings, while the South East, Yorkshire and Wales came last.

Surprisingly, 30% of people said that they started saving for Christmas last January, while 40% of people actually left it until after August.

Zack Hocking, Head of Savings at The Co-operative Bank, said: "Christmas is one of the most expensive times of the year, and we know that in the current environment it can be very difficult for people to get into the habit of putting money aside on a regular basis.

He added, "We know the difference that saving money regularly can make to paying for occasions like Christmas and we would encourage and help everyone get into the habit of saving every month, whatever amount that might be."

The Co-operative Bank offers a wide selection of savings products, from ISAs, bonds, easy access accounts, children saving accounts and fixed term accounts. For more information our The Co-operative Bank's saving products, visit co-operativebank.co.uk.