Survey Finds Many Britons Planning to Spend Less this Christmas

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21st November 2011 17:52 - Retail

A Money Mood Survey of 1,000 adults on behalf of Legal & General has found that a third of British households will be tightening their purse strings this upcoming festive season.

London and the West Midlands weighed in as the thriftiest of regions, with people living here planning to cut back on present spending the most.

In total, 60% of the people polled in these areas said they had put enough savings aside to afford the normal festive celebrations and gifts, which measured under the average of 67%.

Northerners revealed themselves to be the best savers for their Christmas budget, with 79% saying they have enough to pay for what they need. Wales came second at 72%, followed by Scotland at 68%.

When it comes to cutting back on credit card spending, the study showed a more "sensible approach" this year, with only one in five households planning to pay for Christmas using a credit card as compared to around a third in 2010.

Overall, the survey findings support the fact that 52% of UK families currently have unsecured debts, including loans, credit cards and overdrafts, which amount to £10,604 on average. The resulting thrifty spending mood of the public will not be welcoming news to retailers.

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